The Ministry of Finance and Planning has reported that the State received over MVR 30 billion in income and grants as of 16 October, an 8.5 per cent increase compared to the same period last year.

According to the Ministry’s Weekly Fiscal Development Report, total state revenue and grants reached MVR 30.7 billion, of which MVR 23 billion came from taxes – accounting for 75.1 per cent of total income. The report attributes the growth in revenue to significant increases in various tax and non-tax sources.

Among the notable increases, Green Tax revenue rose by 105.3 per cent, while revenue from departure tax increased by 56.4 per cent year-on-year. Income from airport development fees also climbed by 61.0 per cent during the same period. The Ministry noted that this was in line with the rise in tourist arrivals, which grew by 10 per cent compared to last year, with over 1.7 million visitors recorded so far in 2025.

Non-tax revenues also saw upward trends. The Ministry reported higher earnings from land acquisition and conversion fees, lease period extension fees, and resort lease payments. Together, these increases contributed to the overall 8.5 per cent rise in State revenue compared to the same period in 2024.

The report further highlighted growth in the Sovereign Development Fund (SDF), which saw its deposits increase by 45.3 per cent, reaching MVR 1.6 billion. This reflects continued efforts to strengthen fiscal resilience and ensure sustainable development financing.

As of mid-October, the State has achieved 77.1 per cent of its projected annual revenue and grant targets outlined in the 2025 State budget. Meanwhile, 62.0 per cent of total expenditure is projected to be utilised by the end of the year.

The Ministry stated that the rise in both tax and non-tax income demonstrates the continued recovery and diversification of the Maldivian economy, particularly driven by growth in tourism and associated sectors.