Maldives dollar revenue rises 5.6% in first nine months to $1.2 billion

The state has received $1.2 billion in dollar revenue during the first nine months of this year, marking a 5.6 percent increase compared to the same period last year, according to statistics released by the Maldives Inland Revenue Authority (MIRA). During the same period in 2023, dollar revenue stood at $1.1 billion. Tax revenue accounted for the largest share of dollar revenue, totaling $923 million — an 8.3 percent increase from $853 million recorded last year. Within tax revenue, the highest contribution came from the Tourist Goods and Services Tax (TGST) levied on the tourism sector, amounting to $571 million. The second largest contributor was income tax at $138 million, followed by green tax which brought in $114 million. In non-dollar revenue, the state collected 277 million rufiyaa in taxes, compared to 284 million rufiyaa in the same period last year. The total revenue received by the state during the first nine months of 2024, including both dollars and Maldivian rufiyaa, reached 27 billion rufiyaa, up from 25 billion rufiyaa recorded during the same period in 2023.