A digest of news and opinion from the Maldives.
Maldives Inland Revenue Authority (MIRA) has announced that the Amendment to GST Regulation is now open for public consultation. The Amendment to GST Regulation can be found using this link. It outlines a number of changes brought to the regulation, pertaining to issues such as the provision of goods within the Maldives, price of goods […]
The Government of Maldives has made the decision to scrap the ‘remittance tax’ applicable on money transferred out of the country by foreign expatriate workers. Sharuvash Adam, Chief Financial and Budgeting Executive of the Ministry of Finance, stated the decision was made due to a decrease in financial transactions taking place through local banks in […]
Maldives Inland Revenue Authority (MIRA) has revealed that the total revenue collection for the month of September was MVR 843.04 million or USD 6.74 million. This is a decrease of 30.9% compared to September 2019. The biggest contributor to the month’s revenue was income tax (45.7%). This is followed by GST (25.8%), Business Profit Tax […]
According to statistics by the Finance Ministry, MVR 5.2 million ( USD 337,700 ) was generated from Green Tax revenue. This is a decrease of 92.7% compared to the amount in August last year. From the total amount, USD 279,260 was from resorts in the country. The remaining contributors include hotels, guesthouses and safaris. The […]
According to the statistics of the Ministry of Finance, the revenue from the green tax has declined by 93% to MVR 3.9 million in June 2020 while MVR 56.4 million was collected during June 2019. Due to the COVID-19 pandemic, several restrictions were initiated including the closure of the country’s borders which restricted tourist arrivals. […]
The revenue generated from green tax has decreased to 89% this year, compared to the green tax revenue amount of 2019. According to the Green Fund report released by the Finance Ministry for the month of May, the fund has received MVR 7.9 million during the month. However, during May 2019, the fund has recorded […]
Revenue generated by the Maldives Inland Revenue Authority (MIRA) has decreased by 69.6% for the month of July. According to the Income Report published by MIRA, the total income generated by the authority in the month of July is MVR 656 million. This amount is a 69.6% decrease when compared to the amount of income […]
Maldives Customs Service has announced the removal of import duty on several products used to make necessities. This includes no tax charged on materials imported for Embroidery works and Sewing Industry, Fishing Industry as well as the Construction Industry. Now, the public is questioning whether a drop in prices of commodities will be seen in […]
In the first 6 months of 2020, government revenue has shown a significant decrease of 43%, limiting its expenditures. According to the monthly fiscal development report by the Finance Ministry, MVR 6.5 billion has been issued to the government as income and as donations till the end of June 2020. This amount has been at […]