Maldives Inland Revenue Authority (MIRA) reported a 12.5 per cent year-on-year increase in foreign exchange revenue for 2024, driven by higher tax collections and non-tax sources.

According to MIRA’s December financial data, total foreign exchange revenue reached USD 1,058,483,941 in 2024, up from USD 949,741,273 in 2023. The agency highlighted that taxes contributed the largest share, accounting for USD 819 million, a 7.7 per cent increase from USD 760 million in 2023.

Tourism sector taxes played a significant role in boosting revenue. Tourism Goods and Services Tax (TGST) collections rose sharply from USD 824 million in 2023 to USD 961.3 million in 2024. Similarly, green tax collections increased to USD 109.4 million in 2024 from USD 81.9 million in 2023.

Non-tax revenue sources also experienced substantial growth, climbing 32 per cent year-on-year. In 2024, non-tax foreign exchange receipts totalled USD 249.4 million, compared to USD 188.9 million in 2023.

In addition to foreign exchange earnings, MIRA reported a notable rise in the state’s overall revenue. Total state revenue for 2024 amounted to MVR 27.8 billion, marking a 12.2 per cent increase from MVR 24.8 billion in 2023.