Author: Mohamed Reehaan
Maldives state revenue went up by 311.8% in July 2022 in comparison with the same month last year. According to Maldives Inland Revenue Authority (MIRA), heavy contributors to revenue include; Income Tax (mainly Corporate Income Tax and Bank Income Tax) GST and Green Tax Lease period extension fee Taxes related to tourism The most recent update confirms state made a total revenue of MVR2.65 billion. With 79.60 million of the total coming from US Dollars. In addition to the significant improvement of revenue in review month, in comparison with July 2021, revenue went up 84.1% against initial projection. Revenue contribution…
Maldives expects to welcome the year’s one millionth tourist visitor on Friday, 12th August 2022. Speaking about the decisive achievement, the Chief Executive Officer of Maldives Marketing and Public Relations Corporation (MMPRC) Mr. Thoyyib Mohamed commended the efforts of tourism industry professionals, and stakeholders. He also praised efforts by the industry as a whole for the achievement. Mr. Thoyyib commended the efforts despite numerous challenges. “This is a joyous occasion, to be able to welcome 1 million tourists to our shores despite the hurdles we are facing,” Mr. Mohamed commented. He further added, “This is a combined effort of government…
Radisson Blu Resort Maldives will reportedly bring travelers a multi-dimensional experience in the 2022 edition of the Maldives Music Festival, the resort claims. The top-end tourist property will host a week-long festival from 12th to 19th November 2022. The festival will mix “rich culinary flavors and great music, surrounded by the most breathtaking scenery on the planet, promising a feast for the senses.” Radisson Blu’s Maldives Music Festival will feature live performances by internationally acclaimed DJs and other performers. The festival will once again feature Facundo Mohrr in the second edition. Mohrr’s was the main act from “All Day I…
The rate of inflation, measured by the annual percentage change in the national Consumer Price Index (CPI) went up to 5.2% in June 2022, reports Maldives Monetary Authority (MMA). The rate of inflation went up from 2.5% in May, according to the central bank data. Largest contributions to the annual rate of inflation during June 2022 came from electricity, followed by water supply and then petrol for transport equipment, fish, meat, medicines, mobile communication services, vegetables and internet access provision. On the other hand, the monthly percentage change in the national CPI decelerated to 0.45% in the review month from…
Tourist arrivals went up by 97% in June 2022, reports Maldives Monetary Authority (MMA). Bed-nights went up by 63% in the same review month as well. The comparisons are made against the corresponding month last year, reports MMA. In addition to this, bed-nights exceeded the corresponding month in 2019 as well. However, tourist arrivals for the review month were just 2% below pre-pandemic levels in 2019, during which it hit a total of 110,889. Operational bed capacity of the industry observed an increment of 9,258 beds in comparison to the same period last year. On the other hand, occupancy rose…
Maldives Monetary Authority (MMA) reports the country’s real GDP observes growth by 19.3% by Q1-2022. This rise is in comparison with the corresponding quarter of 2021, reports MMA. Additionally, annual real GDP for the review quarter is 3.1% higher than pre-pandemic levels at Q1-2019. The upturn in annual real GDP growth during the review quarter is mainly driven from the tourism sector, “largely mirroring the base effect of the gradual pickup in tourist arrivals.” Other economic sectors reflect positive performances as well. Transportation and communication, human health and social work activities remain progressive. Construction industry, which saw activity drop in…
World Bank has suggested Maldives government to raise state revenue, specifically through domestic sources. The global financial institution made the recommendation in its latest Maldives Public Expenditure Review (MPER). As per World Bank, the Indian Ocean archipelago requires to raise revenues in order to finance its spending needs. In this regards, the bank suggests Maldives to raising taxes in tourism sector, as well as from local households and firms. Several suggestions have been made by the financial institution towards achieving stronger state revenue, which include; Reduction of personal income tax threshold Introduction of a presumptive tax regime at a rate…
On Monday, 08th August, oil prices had risen up by 2% in volatile trading, bouncing off several month lows that hit the previous week. This sudden spike in global oil prices comes directly from positive economic data from both the United States and China, reports Reuters. Brent crude futures sat at USD1.73 (a 1.8% rise) at USD96.65 per barrel, US West Texas Intermediate reports a USD90.76 a barrel, up by USD1.75 (a 1.97% bump). This reverts previous weeks price drop by 13.7% amid economic recession. Global reports confirm this was the lowest drop since February of this year, and Brent’s…
Fuel Supplies Maldives (FSM) announces newest addition to its expanding fuel carrier fleet. The fuel provider on Monday, 08th August, confirmed adding a new fuel carrier barge; dubbed “Femunu” to its fleet. The vessel holds a carrying capacity of 360,000 liters of fuel. Earlier in May 2022, FSM added two fuel carrier vessels to its fleet – MV Hunike and MV Bureki – with a carrying capacity of 260,000 liters each. The fuel provider’s Managing Director Mr. Mohamed Qasam states the company’s newest addition aims to drive up fuel delivery. He notes the addition will enhance the company’s supply-demand chain.
State Electric Company (STELCO) Managing Director addresses his relief on handing over housing tower apartments to employees, ahead of academic new year. The utility provider’s MD Mr. Ahmed Shareef, made the statement at a local news broadcast channel, VTV. Shareef pledged to handover the apartments by 24th July 2022. However, due to a few unforeseen circumstances, this was delayed by 12 days from the initial slated date. Housing Development Corporation (HDC) earlier contracted installation of electrical network in the towers, to a Chinese based company. However, STELCO stepped up to complete the task as the project component faced unexpected delays.…