The Maldivian government has already secured 80% of its projected revenue for 2025, according to the Ministry of Finance.

Based on the latest Weekly Fiscal Developments Report, revenue performance up to the November 2024 period indicates strong collections from both tax and non-tax sources relative to the annual target.

As of the November period in 2024, total revenue and grants amounted to MVR 33.5 billion, compared with MVR 30.6 billion in the same period a year earlier, reflecting a notable year on year increase in state income.

The current year’s budget forecasts total revenue and grants of MVR 39.7 billion, meaning about four-fifths of the annual projection has already been realised.

This trend suggests the government remains broadly on track to meet its full-year revenue goal, supported by robust tax collection.

Tax revenue continues to form the backbone of state income, accounting for 75.2% of the total revenue and grants received so far, or approximately MVR 25.2 billion.

The rise in tax receipts is largely attributed to higher Goods and Services Tax (GST) collections, which have generated MVR 13.7 billion to date.

Within this, Tourism GST contributed MVR 9.1 billion, underscoring the central role of the tourism sector, while Green Tax added a further MVR 1.9 billion.

Non-tax revenue represents 23.9% of the total and has also recorded a significant uptick, increasing from MVR 6.8 billion to MVR 8.0 billion so far this year.

Key components include MVR 1.3 billion collected as Airport Development Fee and MVR 1.5 billion from resort land rent, reflecting strong inflows from tourism-linked and infrastructure-related charges.

This combination of rising tax and non-tax revenue has strengthened the government’s overall fiscal position as it moves toward closing the remaining 20% of its 2025 revenue target.