Tax revenue in the Maldives has increased by 9.8 per cent in the first ten months of 2026, driving growth in Government income as tourism continues to account for a substantial share of state revenue.
The Ministry of Finance and Public Enterprises reported that total Government revenue and grants reached USD 2.16 billion by the end of October, up 5.6 per cent from USD 2.05 billion during the same period in 2025. Higher tax collections drove much of this increase, with tax revenue rising from USD 1.52 billion to USD 1.67 billion.
Tourism remained a major contributor to Government revenue, particularly through Tourism Goods and Services Tax (TGST), one of the country's largest sources of tax income. TGST collections rose by 5.7 per cent to USD 575.23 million, while Green Tax revenue increased by 2.6 per cent to USD 115.43 million.
Other tax categories contributed further to Government income. Business and property taxes generated USD 387.16 million, while import duties brought in USD 182.88 million. General Goods and Services Tax (GST) collections reached USD 289.23 million during the same period.
Government expenditure also increased over the first ten months of the year, rising by 17 per cent compared with the corresponding period in 2025. Total spending reached USD 2.41 billion, comprising USD 2.08 billion in recurrent expenditure and USD 337.87 million in capital expenditure on development projects.
The increase in spending extended to local councils, with Government grants rising by 15.9 per cent to USD 134.89 million. Capital expenditure also recorded significant growth in specific areas, particularly land reclamation and land maintenance projects, where spending increased by 89.7 per cent.
Expenditure on buildings and land reached USD 109.60 million during the same period.