Tourist Boom Fuels 8.5% Revenue Growth

The Ministry of Finance has reported that state revenue and foreign aid reached 30.7 billion Rufiyaa so far this year, marking an 8.5% increase compared to the same period last year. Taxes accounted for the overwhelming majority of this income—23 billion Rufiyaa or 75.1% of the total. Several tax categories saw remarkable growth, with Green Tax revenue more than doubling (105.3% increase), while Departure Tax rose by 56.4% and Airport Development Fee jumped 61%. These increases are largely attributed to a 10% rise in tourist arrivals, bringing total visitors to over 1.7 million. Revenue from land-related sources—including acquisition fees, lease extensions, and resort rents—also showed positive growth. Additionally, deposits to the Sovereign Development Fund grew significantly by 45.3%, reaching 1.6 billion Rufiyaa, reflecting strengthened national reserves. — Source fragments: