The Maldives Inland Revenue Authority (MIRA) has reported a 6.7 per cent increase in Tourism Land Rent revenue for 2024 compared to the previous year.

According to MIRA’s Annual Report for 2024, a total of MVR 1.88 billion was collected, up from MVR 1.76 billion in 2023. The total was also 7.4 per cent higher than the Authority’s projected estimate for the year.

Kaafu Atoll generated the highest share of Tourism Land Rent, contributing MVR 542.45 million or 28.8 per cent of the total. This was followed by Raa Atoll with MVR 260.47 million, and Baa Atoll with MVR 201.01 million, maintaining the same ranking as the previous year.

Alifu Dhaalu Atoll recorded the most significant year-on-year increase, with Tourism Land Rent rising by 41 per cent, equivalent to MVR 48.8 million.

While 2024 figures show an improvement over 2023, the report highlighted that revenue remains lower than the amounts collected in 2021 and 2022.

Tourism Land Rent remains the third-largest revenue source for MIRA, after Goods and Services Tax (GST) and Income Tax. The Authority attributed the 2024 increase to the onboarding of new tenants and greater compliance in rent payments by resort operators.