Economy economy / fiscal policy Maldives Impact 8.0/10 1 min read

Economic Resurgence Under Muizzu: $655M in Dollar Revenue Collected by May

President Dr. Mohamed Muizzu's economic agenda resulted in $655 million in dollar revenue by May, a 35% increase from $484 million the previous year. The Maldives Inland Revenue Authority (MIRA) reported collections up $171 million. Tourism taxes contributed significantly, with TGST at $361 million. The Foreign Exchange Act, effective January, funneled $214 million in foreign exchange through domestic banks. A tax revision in July will raise TGST from 16% to 17%.

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Jun 14, 2025

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President Dr. Mohamed Muizzu's economic agenda resulted in $655 million in dollar revenue by May, a 35% increase from $484 million the previous year. The Maldives Inland Revenue Authority (MIRA) reported collections up $171 million. Tourism taxes contributed significantly, with TGST at $361 million. The Foreign Exchange Act, effective January, funneled $214 million in foreign exchange through domestic banks. A tax revision in July will raise TGST from 16% to 17%.

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