Maldives Inland Revenue Authority (MIRA) has revealed that Maldives has received a record amount in revenue in US dollars in the past five months from the tourism sector.
Statistics published by MIRA show the government received USD374 million in USD revenue between January and May. The second highest amount was received in the same period in 2019, which was USD293 million. This was contributed mainly from the tourism sector and the increase in revenue shows the development of tourism-related businesses, despite the decrease in tourist arrivals from some markets following the Russia-Ukraine conflict.
Moreover, statistics also show the government received the highest amount of revenue from Tourism Goods and Services Tax (T-GST) in the past five months, which was USD234 million. The amount reveals that the country’s economy and Gross Domestic Product (GDP) are on a positive path.
Government has reiterated that the GDP of the country is growing along with state income, with the economy expected to return to pre-pandemic levels by the end of the year, despite worries of increasing debt.
