The Maldives’ dollar revenue surpassed USD 1 billion for the first time last year, according to the Maldives Inland Revenue Authority (MIRA).
MIRA’s statistics show that the state earned USD 1.06 billion in revenue in 2024. This figure is higher compared to the revenue received in the previous year, recorded at USD 949.74 billion.
In addition to dollar earnings, revenue collection in Maldivian Rufiyaa also saw an increase. In 2024, the state received the equivalent of USD 7.46 billion as MVR revenue, compared to an equivalent of USD 6.66 billion recorded the previous year.
The total revenue combined revenue for both USD and MVR amounts to USD 1.80 billion, a significant rise compared to the USD 1.61 billion recorded the previous year.
The highest dollar revenue last year was recorded during the months of March, December, January, September, and February. These are the months during which the most number of tourists visit the Maldives. The state received over USD 100 billion in revenue during these months.
Breakdown of USD revenue:
GST: USD 619.9 million
Tourism land rent: USD 123.6 million
Departure Tax: USD 73.3 million
Green Tax: USD 70 million
Income Tax: USD 55.9 million
The Maldives achieved this revenue milestone while President Dr Mohamed Muizzu has been implementing strong measures to increase revenue and strengthen the economy. In addition to measures taken to increase revenue, the government took unprecedented steps to strengthen the state’s foreign currency reserves. These include amendments to relevant laws and regulations and mandating dollar-earning businesses to exchange a portion of dollar earnings with a local bank.