Tax revenue in the Maldives increased by 9.8 per cent during the first ten months of 2026, supporting stronger Government income as the tourism industry continued to play a central role in the country’s economic performance and public revenue generation.
According to figures from the Ministry of Finance and Public Enterprises, total Government revenue and grants reached USD 2.16 billion by the end of October 2026, representing a 5.6 per cent increase from USD 2.05 billion recorded during the same period last year. Tax revenue rose from USD 1.52 billion to USD 1.67 billion, accounting for much of the overall growth in state income.
Tourism remained one of the strongest contributors to public revenue, reflecting the continued importance of the Maldives’ globally recognised resort industry. Tourism Goods and Services Tax collections increased by 5.7 per cent to USD 575.23 million, while Green Tax revenue rose by 2.6 per cent to USD 115.43 million. The figures underline the significant contribution made by resorts, hotels, guesthouses and other tourism businesses to national revenue as the destination continues to attract travellers from key international markets.
The Maldives’ resort sector remains a major pillar of the economy, supporting Government revenue while generating employment, foreign exchange earnings and opportunities across transport, construction, agriculture, fisheries, retail and other supporting industries. Continued investment in resort development, tourism infrastructure and destination promotion has also strengthened the country’s position as one of the world’s leading luxury travel destinations.
Other major sources of tax revenue also recorded substantial contributions. Business and property taxes generated USD 387.16 million, import duties reached USD 182.88 million, while General Goods and Services Tax collections stood at USD 289.23 million during the ten-month period.
Government expenditure increased by 17 per cent compared with the corresponding period in 2025, reaching USD 2.41 billion. This included USD 2.08 billion in recurrent expenditure and USD 337.87 million in capital expenditure directed towards development projects and public infrastructure.
Government support to local councils also expanded, with grants increasing by 15.9 per cent to USD 134.89 million. Capital expenditure showed particularly strong growth in land reclamation and land maintenance projects, where spending rose by 89.7 per cent, while expenditure on buildings and land reached USD 109.60 million.
The growth in revenue, alongside continued investment in infrastructure and development, reflects the Government’s focus on strengthening economic activity and supporting long-term national development, with tourism continuing to provide a strong foundation for the Maldives’ fiscal and economic performance.
advertisment
advertisment
