Maldives’ revenue and grants maintained its upward trend this year, posting an 8.9 percent increase from the same period last year.
According to the Ministry of Finance and Planning’s Weekly Fiscal Development Report, the government posted USD 1.3 billion in revenue and grants as of 10 July.
The figures showed that the government collected USD 998.7 million in tax revenue, accounting for 76.3 percent of the total revenue so far this year.
Green tax revenue increased by 96.5 percent over the same period last year due to the change in tax rates amounting to USD 71.3 million while revenue from airport service charges stood at USD 60.2 million - an increase of 54.4 percent from 2024.
From the tax and non-tax revenue category, airport development fees recorded a 53.3 per cent increase over the same period last year - totalling around USD 61 million. The significant increase coincided with a boost of 9.1 percent in tourist arrivals compared to the same period last year.
With the increase in revenue, Sovereign Development Fund deposits also increased by 54.4 percent reaching USD 71.3 million as of 10 July.
Land acquisition and conversion fees, lease period extension fees and rental income from resorts also increased during the period. With this increase, the total revenue and grants received by the state during the same period this year increased by 8.9 percent compared to the same period last year.