Maldives’ revenue collection for the first two months of 2025 reveals a mixed picture, with February marking a year-on-year increase while January experienced a decline compared to the same period in 2024. The revenue data, published by the Maldives Inland Revenue Authority (MIRA), highlights a shift in tax dynamics, affected largely by corporate income tax deadlines and changes in tourism-related taxes.
In January 2025, the government collected a total of MVR 3.34 billion, a 7.7% decline from January 2024’s MVR 3.61 billion. The decrease was largely attributed to lower collections from Bank Income Tax and Corporate Income Tax. A contributing factor was the extension of the Corporate Income Tax payment deadline to early February due to a public holiday, which deferred a portion of the anticipated revenue.
By contrast, February 2025 brought in MVR 2.47 billion, a 5.4% increase from February 2024’s MVR 2.33 billion. This rise was mainly due to a significant collection of Lease Period Extension Fees—recorded as one-off payments—and higher Corporate Income Tax following the deadline extension. Tourist arrival growth of 11.7% in January 2025 compared to the previous year also supported stronger performance in Green Tax and airport-related charges.
Despite the setback in January, the cumulative revenue for the two-month period of 2025 stands at MVR 5.81 billion, only slightly below the MVR 5.96 billion collected in the same period of 2024. Notably, the composition of revenue changed, with Income Tax and Lease Period Extension Fees playing a larger role in 2025, while GST—particularly from the tourism sector—had a relatively reduced share compared to 2024.
USD-denominated collections in January and February 2025 totalled USD 243.5 million, up from USD 205 million in the same period of 2024, reflecting increased contributions from tourism-driven revenue such as TGST, Airport Development Fee, and Departure Tax.
Overall, while total collections for the January-February period dipped slightly compared to the previous year, the improved performance in February suggests that 2025 may still hold a steady fiscal trajectory—provided seasonal factors and compliance levels remain consistent.
