Author: Mohamed Reehaan
The cumulative total of state expenditure has hit MVR31,819.1 million (MVR31.8 billion) as of 10th November, which is just MVR2.3 billion shy from hitting approved budgetary total for 2022. On the other hand, revenues inclusive of grants reached MVR22,971.3 million (MVR22.97 billion) by the review date, which is MVR1.33 billion short of reaching projected total revenue of MVR24,279.9 million (MVR24.3 billion) for the year. State has spent 74% of its budgetary total on recurrent expenses and the remaining 26% on capital expenses. Meanwhile, state earned 72% of its income from tax sources and the other 28% from non-tax sources. Major…
Maldives Parliament on Wednesday, 16th November passed the bill proposing hike in GST. In a bid to boost state earnings, Ministry of Finance earlier proposed hiking General Goods and Services Tax (GGST) and Tourism Goods and Services Tax (TGST). A total of 55 lawmakers voted in favor of the bill, which was submitted to the parliament by ruling party MP from Ihavandhoo constituency Mohamed Shifau – 26 of the present lawmakers voted against passing the bill. With this tax surge, GGST will bump to 8% from 6% and TGST will increase from 12% to 16%. Earlier, parliamentary committee that examined…
Dhiraagu expands its fiber broadband’s nationwide network with service introduction in Th. Kinbidhoo (a central atoll residential island). With the introduction of fiber broadband services, customers can now enjoy high speed internet connectivity with some of the largest data allowances up to offer. Dhiraagu launched the service with a special promotion for residents of Kinbidhoo, allowing the to enjoy free connection and free ONT router with every home fiber broadband connection. Following this service introduction, Dhiraagu high-speed fiber broadband is now available in 85% of the country’s households. According to the telecom and internet service provider, its fiber broadband is…
State Trading Organization (STO) has launched one of the largest year-end sales, with massive discounts. Customers spending MVR500 or more at STO People’s Choice and their regional stores are eligible for the draw. Sales Manager of STO People’s Choice Mr. Abdulla Saeed announced the launch of their year-end sale, confirming customers stood to receive discounts on products up to 80%. Winner of the draw stand to receive a 65-inch television, sound speaker system, and a refrigerator. Second place stand to receive an MVR15,000 gift certificate, which they can use to purchase gifts from any of the STO outlets. Third place…
Let’s Go Maldives, a multi-award winning luxury tour operator from the Maldives, opens its new office in Dubai, United Arab Emirates. The tour operator expanded its business reach with the new office opening on 01st November, Tuesday. The new branch is located in the Dubai Internet City, and will act as a hub for the company’s customers in the Middle East and Africa. In the opening message, the founder and Chief Executive Officer of Let’s Go Maldives Mr. Mohamed Riyaz commented, “United Arab Emirates is the leading platform for rising business enterprises. There is ambition, empowerment, opportunities and growth here…
Maldives President Ibrahim Mohamed Solih recognizes the role of Maldives Marketing and Public Relations Corporation (MMPRC) in Maldives tourism promotion. The Maldives head of state visited and met with management and staff of MMPRC on Monday, 14th November. President Solih had recognized the vital role of MMPRC in promoting the Maldives as a tourism destination and “extended his gratitude” to the staff for their “invaluable contributions” to the Maldives tourism sector. Maldives was recently crowned “World’s Leading Destination” at the World Travel Awards (WTA) 2022, making this the third win in a row for the island nation. Additionally, MMPRC was…
Maldives Customs Service reported a 24% increment in revenue for October 2022. According to Customs, the revenue total for the review month reached MVR364 million. Imports, including fuel, observed a 14% increase which translates to MVR4.3 billion of total imports. Imports, excluding fuel, increased by 9% which translates to MVR3.5 billion. Exports on the other hand observed a decline of 15%, which is MVR186 million worth of export commodities. Top Import Categories Food items (excluding pork, alcohol, tobacco): MVR863 million Fuel (marine gas oil (diesel), petrol, aviation gas): MVR803 million Machinery and mechanical application; electrical: MVR763 million Base metal and…
According to European Investment Bank (EIB), European Union (EU) firms continue to lead the fight against climate change compared to the US and across the EU. A survey from EIB report 88% of the firms claim having taken action to address Greenhouse Gas (GHG) emissions with more than half of EU firms “having already invested in climate action.” Despite this, war in the Ukraine and subsequent economical shocks are “testing firms’ resilience.” EIB further reported 53% of the firms are dealing with weather events’ impact, while 57% of these firms invest in energy efficiency. The survey further confirm 64% of…
A ceremony was held on Sunday, 13th November to inaugurate the completion of new blocks of Hulhumale’ Halfway House. Maldives Transport and Contracting Company (MTCC) carried out the project as part of its CSR initiatives. The contractor notes it was “proud to be part of a project which will provide rehabilitation for patients recovering from OUD” and give them a second chance to restore their future. Minister of Health Mr. Ahmed Naseem, Minister at President’s Office and VC of Social Council Dr. Musthafa Luthufee, CEO of National Drug Agency (NDA) Uz. Imad Solih along with NDA board Chairman Mr. Shamau…
Poland’s flagship carrier Lot Polish Airlines launch direct flights to Maldives ahead of the winter holidays (coinciding tourism peak in Maldives). Maldives Airports Company Limited (MACL) confirms the airline will operate once a week until December 2022. As of now 27 international airlines are operating to the Maldives, as confirmed by Ministry of Tourism.