Maldives Records 16% Rise in Foreign Currency Revenue in First Quarter

The Maldives Inland Revenue Authority (MIRA) has reported a significant increase in the foreign currency earnings for the first quarter of the year, reflecting continued economic growth driven largely by the tourism sector.

According to newly released statistics, foreign currency revenue rose by 16% compared to the same period last year. By the end of March, tax revenue alone reached USD 410.3 million, marking a 23.5% increase from the USD 332.1 million collected during the first quarter of the previous year.

A breakdown of tax income shows that the largest share came from Tourism Goods and Services Tax (TGST), which generated USD 269.5 million. Other notable contributions included USD 47.7 million from Green Tax, USD 56.2 million from Income Tax, and USD 36.6 million from Departure Tax.

Non-tax foreign currency revenue also contributed substantially, totaling USD 102.1 million. Departure Fees accounted for the largest portion at USD 37.1 million. Additional income included USD 35.7 million from tourism land rent, USD 20.5 million from Land Acquisition Fees, and USD 6.6 million from Lease Period Extension Fees.

Overall, the earned USD 512.4 million in foreign currency during the first three months of the year, up from USD 441.8 million during the same period last year.

In addition to foreign currency gains, total state revenue saw notable growth. Collections increased from MVR 9.5 billion in the first quarter of last year to MVR 11.27 billion this year, representing an 18% rise.

The figures highlight sustained fiscal improvement, supported by strong tourism activity and increased tax collection efficiency.