The Maldives Inland Revenue Authority (MIRA) collected USD 108.3 million (MVR 1.6 billion) last month, bringing the total foreign currency revenue for the year to USD 976.6 million (MVR 15.1 billion) by the end of July, according to the tax agency’s latest revenue report.
MIRA’s monthly revenue collection report for July reveals that tax revenues accounted for USD 756 million (MVR 11.6 billion), while non-tax revenue contributed USD 220.6 million (MVR 3.4 billion). This represents an 8.7 percent increase compared to the USD 898.2 million (MVR 13.8 billion) collected during the same period last year.
Nearly half of this revenue (47 percent) was generated from Tourism Goods and Services Tax (TGST) paid by resorts, guesthouses, and other tourism-related businesses. TGST collections for the year have reached USD 468.4 million (MVR 7.2 billion).
Following TGST, the second-largest source of dollar revenue was Income Tax collected from businesses and individuals, which amounted to USD 120.1 million (MVR 1.8 billion) so far this year.
Dollar Revenue Breakdown
- TGST: $468.4 million
- Income Tax: $120.1 million
- Green Tax: $88.3 million
- Airport Development Fee: $78.9 million
- Airport Departure Tax: $78 million
- Tourism Land Rent: $77.6 million
Despite the state’s rising revenue and record-breaking dollar collections this year, the Maldives is currently facing an unprecedented foreign exchange shortage.
While the official exchange rate remains at MVR 15.42, the dollar rate on the black market—or parallel market—where the public and businesses source the majority of their foreign currency, has surged to MVR 22.60. This marks the highest dollar rate ever recorded in Maldivian history.
Monthly Dollar Revenue
- January: $180.4 million (MVR 2.8 billion)
- February: $126.8 million (MVR 1.9 billion)
- March: $205.1 million (MVR 3.2 billion)
- April: $120.7 million (MVR 1.9 billion)
- May: $88.5 million (MVR 1.4 billion)
- June: $118.5 million (MVR 1.8 billion)
- July: $108.3 million (MVR 1.7 billion)
The government attributes the current economic crisis to the previous MDP administration’s decision to print MVR 8 billion. However, many experts argue that the situation has been exacerbated by the current government’s failure to control expenditure, which has intensified the inflationary pressure caused by the earlier monetary expansion.
