The Maldives Inland Revenue Authority (MIRA) reported a total revenue collection of MVR 3.38 billion for March 2025, marking a 15.1% increase compared to the same month last year. The jump was attributed primarily to extended tax deadlines and the discretionary payment of lease period extension fees.
The rise in revenue exceeded initial projections by 26.2%, supported in large part by the shift of tax payment deadlines from February to March due to a public holiday. This shift boosted Goods and Services Tax (GST) collections, particularly from the tourism sector, which remained the largest contributor to revenue.
Tourism-related taxes — including Tourism GST, land rent, and green tax — accounted for the majority of the USD-denominated income, despite a reported 1.5% year-on-year drop in tourist arrivals for February. The downturn in arrivals was effectively offset by an unexpected inflow from lease extension payments, which are not scheduled but made at the discretion of taxpayers.
GST alone represented 57% of total revenue collected during the month. In dollar terms, tourism GST made up 54% of foreign currency revenue. Other significant contributors included land rent, green tax, and airport-related fees such as the departure tax and airport development fee.
In terms of absolute figures, March 2025 saw USD collections reach USD 174.2 million. Approximately 6.9% of the monthly total was made up of overdue payments from previous tax periods, according to MIRA’s analysis.
The report also noted that while tourism revenue softened slightly due to lower arrivals, the flexibility and unpredictability of lease-related income played a critical role in elevating the overall collection for the month.
The Maldives government continues to rely heavily on tourism-linked income, both in rufiyaa and foreign currency, making seasonal dynamics and discretionary payments key factors in revenue performance.
