A digest of news and opinion from the Maldives.
In an attempt to increase government revenue from the tourism industry, the notion of leasing resort housing to developers is being considered, says Parliament Speaker Mohamed Nasheed. During a Parliament Committee meeting yesterday, Nasheed stated that instead of raising taxes, alternative ways of boosting government revenue from tourism are being discussed by President Ibrahim Solih […]
Government revenue has reached MVR 8.2 billion as per the weekly statistics released by the Ministry of Finance. The revenue of MVR 8.2 billion is a major decline compared to MVR 15 billion received during the same period last year. One of the major sources of revenue is tax collections where MVR 6.7 billion was […]
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 […]
Maldives Inland Revenue Authority (MIRA) stated that the government revenue for the first quarter (Q1) of 2020 has decreased by 11.5%. Statistics of government revenue published by MIRA for the months of January-March record an income of MVR4.35 Billion. This is an 11.5% decrease compared to the amount generated in the first quarter of 2019. […]
Cargo unloaded at Male Commercial Harbour. PHOTO/MIHAARU Official statistics show that this year’s state revenue slightly exceeded government expenditures by the end of November. According to the finance ministry, the state raked in MVR 18.2 billion as income and free aid while expenditure stood at MVR 18.01 billion. Statistics also show a surplus of MVR […]
Maldives Inland Revenue Authority (MIRA) headquarters in the capital Male. PHOTO / MIHAARU The state collected MVR 910 million from the Maldives Inland Revenue Authority (MIRA) in November, statistics publicised by the Institute on Monday revealed. While the state’s tax regulatory body acquired a total of MVR 910 million in November, it had collected USD […]
An employee of BML pictured counting US Dollars. Following a drop in US Dollar revenue, the usable reserve of the state treasury declined to USD 179 million by the end of October. According to Maldives Monetary Authority (MMA)’s economic review, the central bank’s usable reserve stood at MVR 179.8 million by October end, which is a […]
Two tourists being served at Sun Island Resort & Spa. PHOTO: NISHAN ALI/MIHAARU The tourism sector’s contribution to the Gross Domestic Product (GDP) of the Maldives has dropped over the past four years despite increasing by 53.7 percent in revenue. According to the official statistics published by the National Bureau of Statistics on Monday, tourism […]
The entrance to the Finance Ministry building where the Maldives Inland Revenue Authority office is located. MIHAARU PHOTO Maldives Inland Revenue Authority (MIRA) recorded a government revenue of MVR 1 billion for the month of August. Official statistics indicate that the revenue for the previous month was 0.4 percent lower than the revenue in August […]