The Maldives recorded a total revenue collection of MVR 2.33 billion in December 2024, reflecting a 4.7% increase compared to the same month in 2023. This growth was attributed primarily to increased Goods and Services Tax (GST) receipts, Green Tax, and Corporate Social Responsibility (CSR) fees. Notably, tourism-related fees surged following a 5.7% rise in November tourist arrivals compared to the previous year.
Revenue performance also surpassed projections by 20.1%, driven by a significant boost in TGST, work permit fees, expatriate quota fees, and Green Tax. Enforcement measures contributed 17.5% of the monthly total, highlighting improved compliance among taxpayers.
The report reveals that GST continued to dominate revenue streams, contributing 57.34% of total collections and 55.4% of USD revenues. Other key contributors included tourism land rent (16.25%), income tax (5.0%), Green Tax (4.7%), and airport-related fees. The combined effects of these sectors underlined the resilience of the Maldivian economy amid growing reliance on tourism and related industries.
However, a year-on-year comparison of revenue breakdowns shows a mixed performance across various categories. While overall tax revenues increased, non-tax revenues experienced a marginal decline, reflecting challenges in diversifying income streams beyond tourism.
Refunds and adjustments also played a role, with over MVR 18 million refunded due to excess tax payments. This reflects ongoing efforts to maintain transparency and accountability in revenue management.
The year-end data for December 2024 encapsulates an overall positive trajectory in the Maldives’ fiscal health. Moving forward, a focus on sustaining tourism growth and diversifying revenue streams remains essential to reinforce economic stability.
