Robust tax collections in October have highlighted the strength and resilience of the Maldives’ tourism-driven economy, with the Maldives Inland Revenue Authority (MIRA) reporting total revenues of USD 132.3 million for the month. The result not only reflects solid fiscal performance but also signals continued confidence in the Maldives as a premier destination for international travellers.
According to MIRA, October’s collections were 16.7 percent higher than in October 2024, underlining strong year-on-year growth. The figure also exceeded the authority’s own forecast for the month by 1.2 percent, marking a notable outperformance against budgeted expectations and reinforcing the country’s stable revenue outlook.
A key driver behind this performance has been the tourism sector. Higher receipts from Tourism Goods and Services Tax (tourism GST) and Green Tax played a central role, supported by a 12.6 percent increase in tourist arrivals in September compared with the same month a year earlier. This uplift in visitor numbers, combined with policy measures such as an increase in the Green Tax rate from 1 January and higher airport tax and fee rates introduced in December 2024, translated directly into stronger tax inflows.
MIRA also outperformed its October forecast due to higher-than-anticipated collections from non-tourism GST, tourism GST, and work permit fees. On top of this, the authority benefitted from several revenue streams that had not been projected for October, including land sales, land transfer fees, corporate social responsibility (CSR) fees, and resort lease extension fees. These additional inflows underline the breadth of revenue channels linked to tourism-related investment and development across the islands.
In terms of structure, GST remained the dominant source of revenue, accounting for 60.4 percent of total October collections, equivalent to USD 79.8 million. Green Tax ranked as the second-largest contributor at USD 11.2 million, reflecting the continued importance of sustainable tourism financing. Other key components included USD 9.5 million in Income Tax, USD 8.9 million from Airport Development Fee, USD 8.8 million from Departure Tax, and USD 466,926 from Work Permit Fees, which are closely tied to the workforce that supports the tourism and service industries.
MIRA further reported that 21 percent of October’s revenue came from taxpayers settling dues from previous periods, while 7.1 percent of collections were generated through the recovery of pending tax payments. This demonstrates not only strong current compliance but also active efforts to regularize outstanding obligations, contributing to healthier public finances and more predictable funding for national development.
Of the total collected in October, USD 85.96 million was received directly in US dollars, highlighting the Maldives’ deep integration with the global tourism economy and the importance of foreign currency earnings for the country’s fiscal stability.
Together, October’s revenue figures send a clear message: tourism in the Maldives is performing strongly, and the country continues to build a sound financial foundation to support sustainable growth, enhanced visitor experiences, and long-term value for both travellers and tourism investors.
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