Author: Mohamed Reehaan

According to the most recent update from Ministry of Finance, Goods and Services Tax (GST) has reached an annual total of MVR7.4 billion, as of 13th October. The ministry made the confirmation on its most recent Weekly Fiscal Developments. On the other hand, Business and Property Tax has reached a collective total of MVR3.9 billion. Import Duties collected to the state is at MVR2.4 billion. The major tax revenue sources to the state, as of 13th October are; Tourism Goods and Services Tax (TGST) – MVR5.1 billion Import Duties – MVR2.4 billion General Goods and Services Tax (GGST) – MVR2.3…

Cumulative total of state expenditure hit MVR28.9 billion as of 13th October 2022, reports Ministry of Finance. Meanwhile, cumulative total of state revenues (inclusive of foreign grants) reached MVR21.2 billion by the same review period. State has spent 73% of its budget on recurrent expenses, remaining 27% on capital expenses. On the other hand, state earned 72% of its revenues from tax sources and remaining 28% from non-tax sources. The overall balance for the period is a deficit of MVR7.7 billion. The cumulative total of tax revenue by the review date stood at MVR15.2 billion, and cumulative total of non-tax…

As part of Bank of Maldives’ commitment to support development of sports in Maldives, the bank has signed as the official sponsor for all national surfing teams. BML signed the agreement with Maldives Surfing Association, and as part of this partnership, the bank will also support the annual National Junior Surfing Championship – to promote the development of young talent in the sport. Speaking about the partnership, the bank’s In-Charge and Acting MD Aishath Noordeen said, “We are tremendously proud to partner with Maldives Surfing Association through our BML Islamic arm.” “Like any, we continue to be impressed by the…

Business Center Corporation (BCC) has extended deadline on the application window for SME Hub kiosks. The deadline has been extended to 14:00hrs on Tuesday, 25th October 2022. BCC developed the SME Hub to provide working spaces and business outlets for small and medium-tier businesses. The hub is built on three floors of the Allied Building. First floor is exclusive for food vendors only, with application for said kiosks open. Startups, and vendors experimenting their own business activities will have the opportunity to use the kiosks as well. Ministry of Economic Development established BCC to support and encourage local small to…

Maldives government has contracted Maldives Transport and Contracting Company (MTCC) for multiple developmental projects. The projects include; Road construction project at AA. Ukulhas Airport development project at F. Magoodhoo Signing for the projects took pace on Wednesday, 19th October 2022. MTCC CEO Adam signed on behalf of the contractor, while the Director General of Ministry of National Planning, Housing and Infrastructure (MNPHI) Fathimath Shana Shafeeq signed on behalf of the state. Ukulhas Road Construction Project Project scope involves development of 10 roads spanning 2,678 meters. Sewerage and drainage systems will be installed, along with sedimentary tank and cable junction box…

State Electric Company (STELCO) has confirmed a leak in one of the outflow pipes resulting in water displaced to Boduthakurufaaru Magu, Male’ City. The outflow pipes carry water from the cooling units, used to maintain temperature of the power generators. STELCO has requested permission from Male’ City Council to commence repair works. Permission from the authority is required since repair works will involve cordoning off parts of the outer main road. Moreover, the utility company requested from the council on multiple occasions for the permission, which however was not responded to by the authority. Delays in providing permission by City…

Ministry of National Planning, Housing and Infrastructure (MNPHI) is gearing to open Kudagiri Picnic Island for the public by the end of November 2022. According to the ministry, the picnic island project has entered the final preparation phase. The news was confirmed by the ministry’s State Minister Akram Kamaluddin. Originally scheduled for a 26th July unveiling, the project was pushed back owing to unfinished project components; including landscaping and greenery works. The ministry’s State Minister affirms landscaping and greening efforts are prioritized with several tree planting schemes. The state minister further confirms 95% the islands facilities and amenities have been…

State Trading Organization (STO) has signed a sponsor agreement with Football Association of Maldives (FAM), as the main sponsor for the “South League” qualification of Dhivehi Premier League 2023-2024. FAM introduced the new league system, which focuses on the North, Central and South zone leagues. This marks a major transformation in the Maldivian Football league. The new format supports the future of football, as it retains the principle that the zone performance should be key to the qualification and ensures teams from the zones get deserved opportunity to play in the Dhivehi Premier League. STO is sponsoring the South League,…

Ministry of Finance has revealed state is owed more than one billion Rufiyaa in tourism-related taxes and fines including TGST and Green Tax. The ministry disclosed the information as a response to an inquiry from Parliament MP Ibrahim Rasheed, over taxes owed to the government. In a written response, Minister of Finance Ibrahim Ameer confirmed tax receivables of more than MVR632 million in TGST as of 31st August, with a penalty of MVR240 million. Total amount of TGST including penalty owed to the state is at MVR872 million. Additionally, as of 31st August, Green Tax receivables to state, not settled,…

Maldives becomes recipient to multiple accolades under the Indian Ocean category of World Travel Awards 2022. Winners were announced at the WTA Africa and Indian Ocean Gala ceremony held in Nairobi, Kenya. Maldives won three awards under India Ocean category, which include; Indian Ocean Leading Destination Award Indian Ocean’s Leading Beach Destination Award Indian Ocean’s Leading Dive Destination Award Furthermore, Maldives Marketing and Public Relations Corporation (MMPRC) won the Indian Ocean’s Leading Tourist Board 2022 award. Velana International Airport (VIA) won the Indian Ocean’s Leading Airport 2022 and Hulhule’ Island Hotel (HIH) won the Indian Ocean’s Leading Airport Hotel 2022…