Author: Mohamed Reehaan
According to Maldives Inland Revenue Authority (MIRA) the state collected a revenue of MVR3.90 billion during the third quarter of 2021. Moreover, this marks a 21.1% increment when compared with the same quarter in 2020 and a 5.8% improvement over initial projections for the review quarter. Furthermore, MIRA notes that the increase in the quarterly revenue is mainly due to the surge in the collections of TGST, Tourism Land Rent collection along with other tourism related revenues such as Green Tax and airport fees and charges. In addition to this, resorts with the highest market-share had also reported significant increases…
Top-end holiday destination, LUX* South Ari Atoll Resort & Villas announces their “Once in a Lifetime” festive program with an exciting Moulin Rouge themed New Year’s Eve countdown celebratory event. Moreover, the New Year’s Eve countdown will begin from 22 December 2021 and last until 07 January 2022. LUX* South Ari Atoll confirms that the range of festive season activities include painting workshops with local talents to a special “Last Sunset Cruise of the Year” trip on a traditional Maldivian Dhoni. Other activities include Christmas Tree Lighting ceremony which will commence on the same date as the New Year’s Eve…
Visit Maldives launches a new outdoor advertising campaign with Mediamond in Italy to increase brand presence for the Maldives. Moreover, the joint campaign will be held in two phases for a duration of three weeks in December 2021 and the first week of January 2022. The campaign aims to further promote Maldives as a safe haven for travelers as well as increase the brand awareness and presence in the Italian market. In addition to this, the campaign aims to re-establish the island nation as a top-of-the-mind destination ahead of the winter holidays. Furthermore, the campaign includes digital advertising of the…
Dusit International, one of the leading hotel and property development companies of Thailand partners up with World Animal Protection to promote responsible wildlife protection. As such, the partnership will enhance in the creation of new guidelines and policies that will help in limiting the impact of Dusit’s operations on natural habitats “by promoting responsible wildlife tourism in each of its destinations.” Moreover, Dusit hopes the new partnership will allow the hotelier group to delight the guests with authentic, localized experiences “while empowering its employees and customers to be wildlife-friendly travelers and advocates.” Dusit International signed the partnership with World Animal…
The latest Monthly Fiscal Developments from Ministry of Finance confirm that the revenues and grants collected to the state in October 2021 observed a 44.4% growth when compared with the same month in 2020. Moreover, the ministry attests that this growth is primarily reflective of the increase of a MVR337.5 million in Goods and Services Tax (GST) – which also remains as the strongest revenue stream to the state in generally. On the other hand, total expenditure observed during the review month saw a increment of 72.0% when compared with the corresponding month in 2020. As such, capital expenditure observed…
Maldives Inland Revenue Authority (MIRA) confirms a revenue of MVR1.24 billion to the state in November 2021. Furthermore, from the total revenue collection 51.31 million were collected in US Dollars as per the revenue authority’s latest update. The revenue and taxation authority confirms that the collection in the review month observed a growth of 168.4% when compared with the same period in 2020. Moreover, MIRA confirms that the significant rise in revenue collection during the review period is owed to the increment in the collection of Income Tax, Tourism Land Rent along with the collections of TGST, GGST, Green Tax…
According to the latest updates from Ministry of Finance the cumulative total of state expenditures as of 01st December has reached MVR29,941.3 million (MVR29.9 billion). Meanwhile, the year-to-date total of the state revenues as of the review period reached MVR18,033.4 million (MVR18.0 billion). Furthermore, expenditure composition confirms 71% of the total have been spent on recurrent needs and the remaining 29% on capital expenses. On the other hand, revenue composition confirms 72% of the total earnings coming from tax sources and the remaining 28% coming from non-tax sources. Moreover tax sources such as Tourism Goods and Services Tax (TGST), General…
The top tourism and destination promoter of the island nation, Visit Maldives has marketed the country at the USTOA Annual Conference and Marketplace 2021. Moreover, the annual travel and trade fair was held at the Manchester Grand Hyatt, San Diego, California from 07th until 10th December. Furthermore, Visit Maldives confirms that the promoter aims to market Maldives as a safe haven for tourists and provide the latest updates to travel trades of USA about the destination and travel guidelines. At the fair, Maldives is promoted with a focus made on the various tourism segments available in the country including luxury…
Maldives suffered a heavy economic blow in 2020 due to the Covid-19 global pandemic reaching its shores. The viral contagion caused thousands of positive cases in the island nation with many hospitalized and demise of several others. Concurrently, businesses operating in the island nation had faced a similar blowback with many small-to-medium tier enterprises forced to shut down their operations. On the other hand, the Government of Maldives found itself battling to ensure preservation local corporations and companies amid the pandemic in order to keep the country’s economic afloat and intact. To achieve this end, the Bank of Maldives (BML)…
The Maldives Stock Exchange (MSE) has issued out trading membership license to First National Finance Corporation (FNFC) on 05th December 2021. The First National Finance Corporation is a licensed investment advising and securities firm from the Capital Market Development Authority (CMDA). FNFC operates in the capital market spectrum, provides services in issuing securities, arranging finance and managing funds. In addition to this, the corporation offers investment management and wealth planning services. Moreover, the company’s CEO Hassan Ziyath had thanked the management of Maldives Stock Exchange for accepting the firm as a trading member. He also spoke about the firm’s future…