The Maldives collected USD 867.9 million in state revenue during the first six months of 2026, an increase of 9.7 percent compared with the same period last year, according to figures published by the Maldives Inland Revenue Authority (MIRA).
MIRA’s monthly revenue statistics show that dollar-denominated collections increased by USD 76.5 million from the USD 791.4 million recorded between January and June 2025.
The increase broadly mirrors the growth in overall government revenue during the period. By the end of June, total state revenue had risen by 10.1 percent compared with the first half of last year.
Tax collections accounted for the majority of the foreign currency revenue, reaching USD 667.8 million by the end of June. This was up 9.6 percent from USD 609.1 million collected during the corresponding period in 2025.
Tourism Goods and Services Tax (TGST) remained the largest source of dollar-denominated tax revenue, generating USD 431.4 million during the six-month period. This represents an increase of 7.9 percent from USD 399.7 million a year earlier.
Green Tax revenue also increased, rising 8.2 percent from USD 73.1 million to USD 79.1 million.
Collections from Departure Tax recorded stronger growth, climbing 17 percent to USD 69.1 million from USD 59.1 million during the first half of 2025.
Income tax collected in US dollars reached USD 88.1 million, compared with USD 77.1 million during the same period last year. Corporate Income Tax accounted for USD 31.4 million, representing year-on-year growth of 8.4 percent.
Dollar revenue from Non-Resident Withholding Tax increased by 9.9 percent, while Personal Income Tax collections in foreign currency rose by 19.8 percent.
Non-tax revenue followed a similar upward trend, increasing 9.8 percent to USD 200.1 million during the first six months of the year, compared with USD 182.3 million in 2025.
Airport Development Fee collections rose 18 percent to USD 69.9 million, up from USD 59.2 million during the same period last year.
Tourism land rent, another significant source of foreign currency revenue, remained unchanged at USD 65.4 million.
One of the sharpest increases was recorded in acquisition and conversion fees related to land leased for tourism development. Collections from the category reached USD 39.8 million during the first half of 2026, compared with just USD 6.6 million during the corresponding period last year.
The Maldives collects a significant portion of its government revenue in US dollars due to the size of the tourism sector, with major tourism-related taxes and fees including TGST, Green Tax, Departure Tax and tourism land rent contributing directly to foreign currency collections.
Foreign currency earnings remain particularly important to the Maldivian economy, which relies heavily on imports and requires substantial dollar liquidity to meet overseas payments and external financial obligations.
The latest MIRA figures show dollar-denominated state revenue continued to grow during the first half of 2026, with increases recorded across several of the government’s major tax and non-tax revenue streams.
