Author: Mohamed Reehaan
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…
Visit Maldives has launched ‘Redefining MICE’ global campaign in order to promote the island nation as a preferable MICE destination. Moreover, the campaign was launched during a special luncheon held on the sidelines of the MICE India and Luxury Travel (MILT) Congress 2021, held at the Grand Hyatt Mumbai, Tuesday 05th October. MICE Tourism stands for ‘Meetings, Incentives, Conferences and Exhibitions’ which is a growing tourism trend across the globe which attracts tourists visiting for large-scale meetings and events while the main goal of the tourism concept is to bring together professionals of any given industry and foster connections between…
Authentic Maldives has opened a new outlet of theirs at Kuda Vilingili Resort, which was officially inaugurated by Minister of Tourism, Dr. Abdulla Mausoom. Furthermore, this marks the fourth outlet of the state initiated souvenir and gifts shop distinct with Maldives culture. Moreover, the Japanese Ambassador to Maldives Ms. Keiko Yanai officiated the ‘Authentic Maldives’ official website at the ceremony as well. Reports confirm the website is powered by the government of Japan under the UNDP Maldives Sustainable Economic Empowerment and Development for SME’s (SEEDS) Projects. In addition to the Minister of Tourism and the Japanese Ambassador to Maldives, other…
State Trading Organization (STO) renews their agreement with Maldives Airports Company Limited (MACL) to supply fuel to Velana International Airport (VIA). According to the agreement, STO will be supplying Aviation Jet-A 1 fuel and marine gas oil to the airport gateway. The signing ceremony was held on Wednesday, 06 October at MACL head office between the Chief Executive of STO Mr. Hussain Amr Mohamed Rashaad and the Chief Executive of MACL Mr. Gordan Andrew Stewart. Moreover, the renewed fuel supplying agreement has been contracted for one year and six months while STO had been a long time supplier of fuel…
The European Union (EU) has removed the Maldives from the list of “non-cooperative” tax jurisdictions list, following significant improvements made by the island nation. Meanwhile, the union had blacklisted 17 other countries as “non-cooperative tax jurisdictions” in their report; “A Fair and Efficient Cooperative Tax System in the European Union” which was issued out on 05th December 2017. Moreover, the list comprises of countries with “fraudulent tax systems” and is compiled by the EU for the purpose of discouraging “rules and regulations that pave ways for large businesses and the rich to evade or avoid tax.” As such, Maldives is…
State Electric Company (STELCO) has announced perhaps its most ambitious plan till date; assembling electric cars for the Maldives market. The announcement was made official at the opening ceremony of the utility company’s new “STEWO” Workshop. The workshop offers various engineering solutions for power system needs. Among the services provided in the workshop include assembly, servicing, cleaning and modification of generators. Moreover, the workshop was inaugurated by the Minister of Economic Development Mr. Fayyaz Ismail and Managing Director of STELCO, Mr. Hassan Mughnee. Speaking at the ceremony, the company’s front-man said that the engineers providing solutions at the STEWO Workshop…
Following much deliberation and discourse, the Minimum Wage Board announced the final lowest wage that will be given to employees. As such, the board declared that the minimum wage of the Maldives will be MVR5,700. However, the lowest salary bracket has yet to be approved by the Ministry of Economic Development. Moreover, as per the minimum wage rate, civil servants will now become eligible for a minimum wage of MVR7,000 per 6 hours of work per day. Meanwhile, employees of the private sector; especially serving in small to medium enterprises are subjected to a salary that should not be below…
Visit Maldives commences on a month-long digital marketing campaign with one of the leading tech firms in the world, Invibes. Moreover, the digital marketing campaign commences on October and will reach a “highly targeted and engaged travel audience of honeymooners, couples and families.” The campaign aims to increase the tourist arrivals to the Maldives from the French market. Invibes is a globally recognized technology firm with a rich portfolio of innovative advertising and is known for their transformative approaches in consumer interaction with brands; with the utilization of creative and engaging in-feed ad formats. Moreover, with Invibes joining hands with…
The Capital Market Development Authority (CMDA) will carry out awareness activities during the first week of October to celebrate the ‘World Investor Week.’ The World Investor Week has been celebrated since 2017 by the International Organization of Securities Commission, in order to raise awareness on saving, investment and the protection of the rights of investors. CMDA held a ceremony to launch the ‘World Investor Week’ activities, with the authority’s Chief Executive Officer Mr. Mohamed Hussain Manik gracing it as the chief guest. Moreover, several local financial institutions will be participating in the World Investor Week which includes Maldives Monetary Authority…