Maldives Sees 10.7% Rise in TGST Revenue, Reaching USD 115 Million in Q3

The Maldives reported a significant increase in revenue from Tourism Goods and Services Tax (TGST) in the third quarter, with collections reaching USD 115.63 million. According to the Maldives Inland Revenue Authority (MIRA), this represents a 10.7% rise compared to the USD 104.45 million collected during the same period last year. MIRA’s data indicated a strong overall revenue increase from tourism-related sectors, including land rent and airport development fees, while income tax collections saw a 13% decline.

In addition to the TGST surge, the Maldives recorded a total revenue of USD 240.65 million in dollar terms for Q3, marking an 11% increase over the same quarter last year. TGST alone contributed USD 11.19 million to the fiscal year’s revenue, reaffirming the tourism sector’s vital role in the nation’s economic stability.

Maldives’ tourism-dependent economy has been rebounding strongly post-pandemic, with rising visitor numbers driving the TGST collection increases. As international arrivals continue to rise, experts attribute the revenue boost to strategic government initiatives and successful marketing efforts that have promoted the Maldives as a premier destination.