Maldives has posted USD 1.2 billion in revenue and grants so far this year - an 8.9 percent increase over the same period last year, the Ministry of Finance and Planning financial figures showed.
According to the Ministry’s Weekly Fiscal Development Report, tax revenue amounted to USD 920.9 million which accounts for 76.5 percent of total revenue so far this year.
Due to the change in tax rates, green tax revenue has increased by 92 percent while Airport service charge revenue rose by 55 percent in comparison to the same period in 2024.
Revenue from re-export royalties also increased significantly compared to the same period last year while personal income tax surged by 21.1 percent.
The report showed that as of 26 June, tax and non-tax revenue from airport development fees increased by 52.5 percent fueled by the 9.1 percent growth in tourist arrivals over the same period last year.
The revenue boost coincided with a 60.1 percent increase in Sovereign Development Fund (SDF) deposits, to reach USD 64.9 million, according to the Ministry of Finance.
The report showed that revenue generation remained relatively on par with forecasts, with the actual revenue and grants at 46.7 percent as of 26 June.