President Dr. Mohamed Muizzu’s economic agenda is delivering bold results. By the end of May, government dollar revenue soared 35%, surging from $484 million last year to $655 million this year.
From January through May, the Maldives Inland Revenue Authority (MIRA) reported $655 million in collections—up $171 million compared to the same period in 2024. This dramatic rise underscores the strength of fiscal stewardship under President Muizzu’s leadership.
Crucially, dollar-denominated revenue has spiked. Between January 1 and April 30, dollar revenue hit $551.1 million, a 32.2% leap from $417.1 million a year earlier . By May, monthly dollar intake reached $104.7 million, contributing substantially to the overall haul.
Tourism remains at the center of the story. TGST poured in $361 million. Income tax fetched $58 million. Green Tax, Departure Tax, and Airport Development Fee added $62 million, $48 million, and $48 million, respectively.
May’s figures tell a strong story: MIRA collected $141 million, a 30.5% jump over May 2024 and 7.3% above forecasts. TGST and Green Tax were the primary drivers—fueled by a 4.8% increase in tourist arrivals.
These gains are no accident. President Muizzu’s bold Foreign Exchange Act, effective January, forces tourism earnings through domestic banks—so far converting $214 million in fresh FX inflows and bolstering reserves.
Additionally, reforms continue on multiple fronts. A tax revision slated for July will raise TGST from 16% to 17%. Green Tax hikes have already yielded significant gains since January.
