The state earned USD 47 million (MVR 722 million) from resort rent during the first five months of this year, according to figures released by the Maldives Inland Revenue Authority (MIRA).

Resort rent is collected in USD and collections so far represents a 20 percent increase compared with the same period last year.

However, resort rent revenue declined in May. The state collected MVR 7.2 million from resort rents during the month, down significantly from the figure recorded in May last year.

The decline comes amid weaker tourism-related revenue in recent months. The government has previously attributed the slowdown to the impact of the conflict in the Middle East, which began in March and has affected tourism demand in some markets.

While overall state revenue has continued to increase this year, collections from key tourism linked sources, including Tourism Goods and Services Tax (TGST), green tax and departure tax, fell during April and May.

According to MIRA, the state has collected approximately MVR 16 billion in total revenue so far this year.