State revenue has reached USD 1.99 billion this year, government data show, reflecting the combined impact of tax reforms and a strong rebound in tourism.
The Ministry of Finance and Planning reported that cumulative revenue and grants stood at USD 1.99 billion as of 16 October, an 8.5 percent increase from the same period last year. The figures, published in the ministry’s Weekly Fiscal Development Report, detail both revenue and expenditure trends.
Tax receipts formed the backbone of this growth, generating USD 1.49 billion, or 75.1 percent of total revenue and grants. Overall, tax and non‑tax revenue rose by 9.6 percent during the period.
Adjustments to tax rates produced striking results. Collections from the Green Tax more than doubled, rising 105.3 percent from a year earlier. Revenue from the Departure Tax also climbed, increasing by 56.4 percent.
Tourism’s momentum reinforced these gains. Income from the Airport Development Fee rose by 61.0 percent year‑on‑year, supported by a 10 percent increase in tourist arrivals. More than 1.7 million visitors have been recorded so far in 2025. Non‑tax revenue added further strength, with higher collections from the Land Acquisition and Conversion Fee, Lease Period Extension Fee, and resort rent.
The government also expanded its strategic reserves. Deposits into the Sovereign Development Fund rose by 45.3 percent, reaching USD 103.77 million.
Measured against annual targets, revenue collection has outpaced expectations. The ministry said 77.1 percent of projected revenue and grants for the year, based on the 2025 budget passed by Parliament, has already been secured. Expenditure reached 62.0 percent of the annual allocation during the same period.