The Maldives has recorded a historic surge in state revenue, with total revenue and grants reaching USD 2.58 billion in the first four months of 2025, according to data released by the Maldives Monetary Authority (MMA). This marks the highest fiscal intake for the corresponding period in six years, underscoring the nation's strong economic momentum and resilience.
Figures from the central bank indicate a 16.5 percent year-on-year increase, up from USD 2.21 billion during the same period in 2024. The rise has been driven by substantial gains across all major revenue streams, with tax collections leading the expansion while non-tax income and grants contributed significantly.
Tax revenue reached USD 1.90 billion, reflecting a 13.8 percent increase compared to the previous year. The tourism sector played a central role in this growth, as surging visitor numbers bolstered fiscal inflows. Tourism Goods and Services Tax (TGST), which generated USD 642.34 million, accounted for the largest share of revenue, reaffirming the sector's status as a cornerstone of the economy. Trade-related taxation was another major contributor, with Import Duty bringing in USD 298.05 million, while Goods and Services Tax (GST), an indicator of domestic consumption, totalled USD 350.39 million.
Other revenue sources demonstrated strong performance, as Business Profit Tax (BPT) accounted for USD 259.42 million, reflecting corporate sector growth and profitability. Green Tax, an environmental levy, generated USD 129.71 million, reinforcing the government's sustainability efforts. Airport Service Charge contributed USD 123.22 million, highlighting the role of travel-related taxation in state income. Bank Profit Tax reached USD 47.48 million, while Income Tax stood at USD 26.27 million, reflecting individual contributions to public finances.
Alongside tax revenues, non-tax income continued its upward trajectory, totalling USD 512.32 million in the first four months of 2024; a 19.8 percent increase from USD 428.38 million during the same period last year. Grants saw the most pronounced growth, increasing by 77.1 percent to USD 168.66 million.
Revenue trends over the past six years reflect the country's shifting fiscal landscape, as total revenue and grants stood at USD 1.51 billion in 2019, followed by a decline to USD 0.99 billion in 2020 amid global economic disruptions. The recovery began in 2021, with revenue reaching USD 1.38 billion. Growth continued in 2022, when fiscal inflows rose to USD 1.88 billion, followed by further expansion in 2023 to USD 2.21 billion.