The state has recorded a 15 per cent increase in United States dollar revenue collections, underpinned by a surge in tourism-related receipts. According to the latest monthly fiscal report from the Maldives Inland Revenue Authority (MIRA), cumulative dollar-denominated receipts reached USD 512,444,534 by the end of March.
This figure marks a significant ascent from the USD 441,847,516 collected during the corresponding period the previous year. The upward trajectory was mirrored in the performance for March alone, which saw receipts of USD 208 million, a 16 per cent increase over the USD 178 million recorded in the same month a year earlier, the agency reported.
The major share of this growth is attributed by revenue officials to a robust performance across the nation’s primary fiscal engines. The Tourism Goods and Services Tax remained the most substantial contributor, yielding USD 269 million, while income tax followed as the second-largest source of foreign currency at USD 56 million.
Aviation and environmental levies provided additional stability to the state’s balance sheet. The green tax yielded USD 47 million, complemented by USD 37 million from the airport development fee and USD 36 million in departure taxes. Land acquisition and conversion fees rounded out the primary revenue streams, bringing in USD 35 million, the report stated.
The current momentum reflects a broader, accelerating trend in the state’s financial expansion. MIRA’s records show that total dollar-denominated revenue for the full previous year reached USD 1.4 billion, a 37 per cent increase when evaluated against the USD 1 billion collected during 2024.