Author: Mohamed Reehaan

State Electric Company Limited (STELCO) has run crucial tests on its systems without facing power cuts in the Greater Male’ Region. Earlier, the utility provider had cautioned the residents in the region of possible power cuts amid the testing. However, the company had confirmed of completing their tests on Saturday morning, 16th October, without facing any interruptions. Moreover, STELCO claims the tests are compulsory for the seamless operations of the company; related to the functioning to the systems in the powerhouse. Meanwhile, the company had expressed its gratitude to the public for their continued support and cooperation. Earlier STELCO had…

According to Maldives Customs Service, the imports to the country inclusive of fuel increased by 90% in September 2021 when compared with the corresponding period in 2020. On the other hand, exports from the Maldives observed a decline of 13% while the major export commodities of the country include yellowfin tuna, skipjack tuna, skipjack or stripe-bellied bonito, yellowfin tuna chunk and yellowfin tuna loins. Major export destinations from the Maldives include Thailand with 42% of the total exports made to the country, Germany with 12% of the total exports, UK with 10%, France with 5% and Italy with 4%. Furthermore,…

According to the latest in the Monthly Fiscal Developments from Ministry of Finance, the total revenues to the state in the month of August 2021 observed a decrease of 32.6% when compared with the same period in 2020. Moreover, the state ministry reported that the total revenues exclusively in the review month reached MVR1,489.8 million (MVR1.5 billion). The ministry had further confirmed that the revenues fell due to the dip in grants received as well as the extension of due date for filing taxes. Meanwhile, the total expenditure of the state in August 2021 declined by 9.2% compared with the…

According to the Ministry of Finance, the cumulative total of state expenditure has reached MVR22,606.3 million (MVR22.6 billion) as of 07th October 2021. Meanwhile, the cumulative total of state revenue inclusive of grants have reached MVR14,971.9 million (MVR14.97 billion). Expenditure composition reveals 77% of the total have been spent on recurrent needs and the remaining 23% on capital needs. On the other hand, revenue composition confirms that 73% of the earnings to the state came from tax revenues and the remaining 27% came from non-tax revenues. Furthermore, the overall balance for the period is a deficit of MVR7,634.4 million (MVR7.6…

The Trans Maldivian Airways (TMA) recently grabbed the “Seaplane Company Global Winner” accolade at the 2021 World Luxury Travel Awards. Moreover, the awarding and gala was held by the Trou aus Biches Beachcomber Golf Resort and Spa in Mauritius on 09th October, Saturday. The World Luxury Travel Awards is a prestigious awarding event recognizing world-class service excellence and the awards may be presented to a country, regional, continental or on a global basis. Furthermore, the winners are selected by votes from guests, travelers and industry stakeholders. Following their win at the World Luxury Travel Awards, TMA has expressed gratitude to…

According to Maldives Inland Revenue Authority (MIRA) the state revenue collection hit MVR1,981.6 million (MVR1.98 billion) in September 2021. Moreover, as per the taxation and revenue authority the revenue to state in the review month observed an increment of 133.5% when compared with the same month in 2020. MIRA had reported that the significant increment of revenue in the review month comes due to increase in the collection of Income Tax, Tourism Land Rent, TGST, GGST, Green Tax, Airport Taxes and Fees. Tourism Land Rent collection showed significant increase owing to the deference of the rent of Q4-2020, which were…

According to the latest reports from Ministry of Tourism, the total tourist arrivals to the Maldives as of 05th October has reached 890,363. Moreover, the total tourist arrivals to Maldives exclusively from 01st to 05th October stood at 19,501 which is a 521.1% improvement from the same period in 2020, where the arrival count stood at just 3,140. However, when compared with the same period in 2019, the arrival count in the review period is still a negative 15.6% since the arrival total in that corresponding period in 2019 stood at 23,111. India continues to remain as the top tourist…

In commemoration of the ‘World Customer Service Week’ that ran from 04th to 08th October, Maldives Transport and Contracting Company (MTCC) has launched their ‘Hinithunvumaa Eku’ campaign. According to the state-owned enterprise, the campaign aims to promote awareness and importance of customer service among the company staff. Moreover, the campaign aims to improve the experience of customers receiving services from MTCC as well as build a stronger rapport between customers and employees of the corporation. During a special ceremony held at MTCC headquarters on Monday, 11th October, the campaign was officiated by the company’s Chief Operating Officer Mr. Shahid Hussain…

The cumulative total of state revenue as of 30th September increased to MVR14,768.0 million (MVR14.8 billion), constraining the gap of budget deficit. As such, Ministry of Finance reported that the overall balance by the final week of the month ended stood at MVR7,137.9 million (MVR7.1 billion), which had earlier stretched to MVR7.9 billion. Meanwhile, the cumulative total of state expenditure as of the review period reached MVR21,815.9 million (MVR21.8 billion). The most significant income receipts were generated from Business Profit Tax, other property tax, rent from resorts along with General Goods and Services Tax (GGST). Furthermore, the cumulative total of…

The Bank of Maldives (BML) on Sunday, 10th October, commemorating the World Mental Health Day, announced their commitment to promote positive mental well-being in the workplace. Moreover, to achieve this the bank will work through partnerships with leading institutions to provide support programs and professional services for employees across the country. In order to promote the initiative, BML has partnered up with Thibaa Psychology, Society for Health Education (SHE) and the Institute of Mental Well-Being (IMWB) to offer regular consultations and counselling programs for the bank’s staff. Furthermore, the bank will cover the cost of individual consultation sessions for employees…