Revenue collection for November 2025 reached MVR 2.20 billion, marking one of the strongest monthly performances this year and reflecting a combination of higher tourist arrivals, revised tax rates, and improved recovery efforts by the Maldives Inland Revenue Authority (MIRA). The latest figures show a 16.6 percent increase compared to November 2024 and a 6.7 percent rise above projections, according to MIRA’s monthly bulletin.
Much of the growth stems from tourism-linked taxes. GST alone accounted for 59.1 percent of total revenue, while Green Tax, the Airport Development Fee, and Departure Tax together contributed another significant share of the month’s inflows. Tourism Sector GST remained the single largest contributor to USD revenue at 56.1 percent, underscoring the sector’s outsized importance to dollar earnings.
The momentum is tied to a 10.3 percent rise in tourist arrivals in October 2025, which is reflected in November’s tax performance. Higher Green Tax rates introduced in January and revised airport fees implemented at the end of last year also pushed collections upward. As a result, November’s revenue mix tells a familiar story: sustained reliance on tourism continues to anchor government finances, especially in foreign currency.
MIRA’s report also highlights the role of non-tax initiatives. Nearly 20 percent of revenue came from payments past deadline, while a further 21 percent was secured through targeted recovery efforts. Additionally, non-projected codes, particularly land acquisition and conversion fees, contributed more than expected, helping lift overall figures.
Compared with the past four years, November 2025 stands out clearly. The chart of monthly collections from 2021 to 2025 shows a steady rise, with this year surpassing both 2023 and 2024 by a wide margin. Total tax revenues alone reached MVR 1.79 billion, while non-tax revenues amounted to MVR 409.9 million, together forming the month’s MVR 2.20 billion total.
While the topline numbers are strong, the underlying pattern remains unchanged: the state’s revenue base continues to be heavily shaped by tourism and by the volatility of arrivals. The gains in Green Tax and airport-related charges demonstrate how shifts in policy and pricing can quickly influence monthly outcomes. At the same time, the significant portion of revenue derived from past-due payments and special recovery efforts reflects ongoing structural weaknesses in compliance and collection cycles.
For policymakers, November provides both reassurance and caution. The surge shows that tourism-led revenue mechanisms remain effective, but the dependence on a single sector, coupled with the need for continuous recovery drives, raises broader questions about the resilience and diversification of state income. As the financial year nears its end, the government’s ability to sustain these levels will hinge on continued visitor growth and the stability of global travel trends.
