State revenue in July 2025 reached MVR 3.39 billion, up 15.4% compared to the same month last year, according to the Maldives Inland Revenue Authority (MIRA). The growth was driven mainly by higher collections of Corporate Income Tax, Goods and Services Tax (GST) from the tourism sector, Green Tax, and airport-related fees.
USD revenue for the month totalled USD 105.85 million, with the largest share coming from Tourism GST, followed by Corporate Income Tax and Green Tax. Tourism GST alone contributed 38.3% of USD earnings, while Green Tax, boosted by a rate hike from January 2025, made up 9.8%.
MIRA attributed the higher revenue to a 15% year-on-year rise in tourist arrivals in June 2025, which fed into stronger collections from TGST, Green Tax, and airport taxes and fees. Increases in Airport Development Fee and Departure Tax, effective from December 2024, also supported the revenue boost.
Corporate Income Tax collections were significantly above forecasts, supported by the first interim payments for 2025 from companies, non-individuals, and commercial banks. MIRA noted that 14.9% of July’s revenue came from recovering overdue payments, while 7.4% was from efforts to collect outstanding dues, both contributing to the surplus over projections.
The top revenue sources for July were Income Tax (48.9% of total), GST (31.7%), Green Tax (4.7%), Airport Development Fee (4.4%), Departure Tax (4.1%), and Work Permit Fees (2.1%).
Compared to MIRA’s forecast, July revenue was 12.8% higher than expected, reflecting stronger-than-anticipated compliance and payment timeliness from key taxpayers.
