The state has received USD 1 billion as of last month from taxes in dollars, land rents from islands allocated for resort development and foreign exchange revenue from tourism businesses.

Adhadhu compiled the figures using information released by the Maldives Monetary Authority (MMA) and the reports published by the Maldives Inland Revenue Authority (MIRA). The data shows a revenue of USD 1.1 billion by July.

This amount is higher than the USD 1 billion in tax and non-tax revenue in 2024. With five months left this year, the revenue is expected to reach USD 1.5 billion without a major economic shock.

The bulk of dollar revenue or USD 700 million came from tourism taxes (TGST and green tax) and airport departure taxes. The second largest source was from tourism businesses and banks under the Foreign Exchange Act.

Revenue in dollars (January 2025 to July 2025)

• TGST - $440 million
• Income taxes - $109 million
• Green tax - $83 million
• Airport departure tax - $67 million
• Airport development fee - $68 million
• Lease period extension fee - $30 million
• Tourism land rent - $68 million
• Dollars exchanged at MMA - $247 million

Dollar revenue rose to a record high due to measures taken in 2024. These measures included increasing taxes on tourists, but the industry remained at a steady pace throughout the year.

Despite a record high in dollar revenue, the public and businesses are forced to buy dollars at the black market rate. The black market rate has been above MVR 20 per dollar for more than a month.

MMA says this is due to the high demand and low supply of dollars. The authority said a large portion of the dollar revenue was used for loan repayments and purchasing basic commodities.