Author: Mohamed Reehaan
The Minister of Fisheries and Ocean Resources Ahmed Shiyam on Tuesday has claimed that the current government has paid over MVR 1 billion owed to local fishers. At the press conference the ministry held to provide the latest information about its ongoing efforts, the minister said that as of October 27, 2024 the state has successfully paid all outstanding total to the local fishers earlier, and thereby, has cleared the backlog. From the time this administration took charge on November 17, 2023 to October 27, 2024, the government has disbursed a total of MVR 1.04 billion. The current administration had…
Maldives President Dr. Mohamed Muizzu has announced the launch of the ‘Hiyaavehi Financing Programme’, a state-backed initiative to support individuals and families in constructing homes on allotted land in the Greater Male’ region. President Muizzu assured that preparations are underway and technical details for the scheme will be finalized soon. This program aims to provide financial assistance for home construction on designated plots in Hulhumale’, Gulhifalhu and Giraavarufalhu. President Muizzu also shared updates on the land allocation process, confirming that plots in Hulhumale’ Phase II have been handed over, with Phase III to follow. He added that the unfinished areas…
The Maldives President Dr. Mohamed Muizzu has ratified the 7th Amendment to the Goods and Services Tax (GST) Act (Act No. 10/2011). The Amendment to the bill was passed in the 44th sitting of the 20th Parliament on October 31, 2024. As per the amendment, and its subsequent revisions to the GST Act, the Tourism Goods and Services Tax (TGST) collected from tourism-related services from January 01, 2023 will remain at 16% until June 30, 2025. Following this period, as stipulated under Section 15(b)(6) of the GST Act, the TGST rate will increase to 17% effective July 01, 2025. Earlier,…
The Maldives government has earned a cumulative total of MVR 28.2 billion revenues, inclusive of grants as of October 24, 2024, according to the Ministry of Finance. For the same review date, the government has spent a cumulative total of MVR 37.7 billion. With that, the overall balance for the period is a deficit of MVR 9.5 billion. The cumulative total of tax revenues as of the review date is MVR 21.5 billion. In the corresponding period last year, cumulative total of tax revenues reached MVR 19.7 billion. The cumulative total of non-tax revenues as of October 24 stood at…
The Maldives has welcomed over 1.6 million tourists as of November 03, 2024 according to the Ministry of Tourism; which is a 9.6% increment in annual terms compared to the same period in 2023. As per the statistics from the ministry, tourist arrivals exclusively from November 1st to 3rd is at 18,504 which is a 21.8% increment compared to the same period last year; during which arrivals stood at 15,189. Tourist Arrivals – Monthly (2024) January: 192,385 February: 217,392 March: 194,227 April: 168,366 May: 119,875 June: 123,284 July: 167,528 August: 176,175 September: 132,795 October: 172,619 Top 10 Markets 2024 China:…
SO/ Maldives is proud to announce of achieving the prestigious Green Globe Certification in its first year of operation. The Green Globe Certification recognizes SO/ Maldives for its exceptional efforts in reducing environmental impact and fostering sustainable business practices. The resort’s sustainability journey is built around thoughtful strategies aimed at minimizing its carbon footprint, reducing waste, and supporting the local ecosystem. The Carbon Footprint Reduction Initiatives of SO/ Maldives Solar Power: solar panels installed across water villas, beach villas, restaurants, and back-of-house areas generate up to 45% of the resort’s total energy Intelligent Energy Management: through GRMS software, the resort…
Maafaru International Airport in Noonu atoll has reopened for international operations after remaining suspended for an expansion project. International operations were suspended in May last year to redevelop the tarmac, including the expansion of the existing runway from 2.2 kilometers to 2.8 kilometers; ensuring more ‘leg room’ for the incoming and outgoing flights at the busy airport. Island Aviation Services (IAS), which operates the airport confirms the upgraded runway at Maafaru can now accommodate Boeing 777-ER300s. The airport, which observes a uniquely higher arrival of private jets throughout every year, is also undergoing an initiative to expand its apron, which…
The Maldives government collected MVR 7.21 billion total revenue in the third quarter this year, reports the Maldives Inland Revenue Authority (MIRA). According MIRA, the total revenue for the third quarter is a 14.1% increase compared to the corresponding quarter last year, and a 22.5% increment compared to initial projections. The authority added that this collective increase is owed to the increase in tourist arrivals for the taxable period of the third quarter by 11.0% compared to the same quarter in 2023. The taxable bed nights subject to green tax reported via the green tax returns submitted for the review…
The Maldives Marketing and Public Relations Corporation (MMPRC/Visit Maldives) has successfully conducted the inaugural ‘Tourism Symposium 2024’ earlier on October 22, 2024 at the Crossroads Maldives. The symposium served as a pivotal platform for the Maldives tourism industry leaders to convene and address the pressing challenges and opportunities shaping the nation’s tourism landscape. “I’m confident that by embracing new ideas and working together, we can build an even stronger and more diverse tourism sector. Let’s continue to innovate and create unforgettable experiences for every visitor that comes our way,” said MMPRC CEO and Managing Director Ibrahim Shiuree. Speaking at the…
The International Financial Services Authority (IFSA) is seeking a viable candidate to lead the agency as its Chief Executive Officer. The agency was established on January 21, 2024 through the powers vested to the President under the Chief Executive. The Ministry of Economic Development and Trade in a statement said that it was seeking a chief executive for a duration of five years. The announcement further said that candidates will be assessed on their work experiences and negotiation skills, before remuneration and allowances are discussed. Besides this, the eligibility criteria for include a Masters’ degree from an reputable institution, and…