Green Tax Revenue Nearly Doubles as Maldives’ State Income Climbs to MVR 12.4 Billion

The Maldives’ state revenue climbed to MVR 12.4 billion as of April 24, 2025, marking a 6.9 percent increase compared to the same period last year, according to the Ministry of Finance’s Weekly Fiscal Developments Report released on Thursday.

The government had collected MVR 11.6 billion by April 24 in 2024. This year’s increase is largely attributed to a surge in non-tax revenue and a sharp rise in green tax collections, despite an overall dip in tax revenue.

Tax revenue reached MVR 6.5 billion, down from MVR 9.4 billion during the same period last year. However, non-tax revenue rose significantly to MVR 2.8 billion, compared to MVR 1.98 billion in 2024.

Tourism Goods and Services Tax (TGST) remained the largest single contributor to the state’s tax income, bringing in MVR 3.8 billion—an uptick from MVR 3.6 billion in the previous year. Meanwhile, revenue from the Green Tax nearly doubled, reaching MVR 617.7 million, a substantial increase from MVR 361.9 million in 2024, underscoring the growing economic role of environmentally-linked fiscal instruments.

Other notable revenue streams included the Airport Service Charge and Departure Tax, which collectively generated MVR 490.5 million, rising from MVR 380.7 million last year, and the Airport Development Fee, which reached MVR 492.8 million—up from MVR 389.1 million.

On the expenditure side, total government spending stood at MVR 10.5 billion, showing a significant decline from MVR 13.2 billion during the same period in 2024. Recurrent expenditure accounted for the bulk at MVR 9.7 billion, while capital expenditure was MVR 804.5 million.

Within recurrent spending, salaries, allowances, and pensions rose to MVR 3.7 billion, up from MVR 3.3 billion. However, administrative expenses fell to MVR 5.9 billion from MVR 6.5 billion, contributing to the overall reduction in expenditure.

The latest figures also show a positive shift in the state’s fiscal position, with the primary balance now in surplus at over MVR 1.9 billion. This marks a sharp turnaround from the MVR 1.6 billion deficit recorded during the same period last year.