Maldives Tax Revenue Rises 9.8 Per Cent to MVR 25.7 Billion by 22 October
Business and property taxes grew fastest, by more than a fifth, while lower non-tax income and a 17 per cent rise in spending widened the deficit to MVR 3.85 billion, Finance Ministry figures show.
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The Maldivian government collected MVR 25.73 billion in tax revenue between 1 January and 22 October 2026. That is 9.8% more than the MVR 23.44 billion collected over the same period last year, according to the Weekly Fiscal Developments report from the Ministry of Finance and Public Enterprises.
Total revenue and grants reached MVR 33.36 billion, up 5.6% from MVR 31.60 billion. Taxes made up 77% of the total. The faster growth in tax receipts was partly offset by non-tax revenue, which fell 9.5% to MVR 7.11 billion. Grants rose to MVR 524.1 million from MVR 311.0 million.
Spending grew faster than revenue. Total expenditure rose 17.0% to MVR 37.21 billion, and the overall deficit for the period widened to MVR 3.85 billion, from MVR 209.2 million a year earlier.
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Tourism Goods and Services Tax (TGST) remained the biggest single source of tax revenue. It brought in MVR 8.87 billion, up 5.7% from MVR 8.39 billion, and made up just over a third of all tax receipts. The report says TGST provided the largest increase in revenue in the latest week.
General Goods and Services Tax (GGST) rose 7.2% to MVR 4.46 billion. Green tax, which is levied on tourists, rose 2.6% to MVR 1.78 billion. Airport service charges and departure tax rose 7.9% to MVR 1.59 billion. Import duties increased 11.0% to MVR 2.82 billion.
Business and property taxes grew fastest. They rose 21.8% to MVR 5.97 billion from MVR 4.90 billion. Within that category, corporate income tax increased 9.4% to MVR 3.03 billion and non-resident withholding tax 13.5% to MVR 1.13 billion. Individual income tax rose 6.2% to MVR 421.8 million. The line for other business and property taxes almost doubled, to MVR 1.39 billion from MVR 738.4 million.
The drop in non-tax revenue came mainly from the "other fees and charges" line. It fell to MVR 519.1 million from MVR 1.52 billion a year earlier. Rent from resorts rose 8.0% to MVR 1.62 billion, and the airport development fee rose 7.8% to MVR 1.61 billion. Land acquisition and conversion fees came to MVR 485.4 million, compared with MVR 145.0 million. Dividends from state-owned enterprises fell to MVR 483.2 million from MVR 650.4 million.
On the spending side, recurrent spending rose 17.2% to MVR 32.00 billion and capital spending 15.5% to MVR 5.21 billion. Subsidies were the largest single increase within recurrent spending: they rose 58.6% to MVR 4.31 billion. Block grants to councils increased 15.9% to MVR 2.08 billion.
The government also made loan repayments of MVR 10.35 billion, more than double the MVR 4.60 billion repaid by the same point in 2025. The ministry records these repayments separately from expenditure. It also says its expenditure figures show transactions recorded in the accounts but not necessarily paid in cash.
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The approved 2026 budget estimates tax revenue at MVR 31.30 billion for the year. Collections to 22 October were 82.2% of that figure. Total revenue and grants stood at 82.6% of the MVR 40.37 billion estimate.
The ministry announced the report, covering week 42 of the year, on 1 November. A note on its website says publication of the weekly figures was delayed by structural changes to the Public Accounting System. The report says the revenue figures are likely to change as reconciliation work continues.
