The tax authority published policies on enforcement, fine relief, freezing bank accounts, and naming and shaming evaders.
Bank of Maldives invited NGOs to apply for small grants funding worth MVR250,000 (US$16,200) to support eight “community-based projects that address environmental issues and promote sustainable development.”
The BML Small Grants fund is part of 12 high-impact monthly community initiatives to celebrate the Bank’s 40th anniversary in November.
The ‘Maldives Floating City,’ a 5,000-house development by Dutch Docklands in a lagoon near the capital, was shortlisted for a MIPIM Award under the category of ‘Best Futura Mega Project.’
The State Trading Organisation’s People’s Choice Supermarket in Malé reopened. The store was renovated and expanded under a “hypermarket” concept with an in-store pharmacy and sections for eight private businesses, including City Bakery, Note Cosmetics, Maxcom Technology and Asrafee Bookshop.
Former lawmaker Alhan Fahmy told the press that his Kings Capital Holding will sue the central bank for defamation. Last week, the central bank cautioned against investing in fraudulent forex trading schemes – without naming Kings – and warned of a Ponzi scheme where earlier investors are paid with funds collected from new investors. The Bank of Maldives will also be sued for deactivating the company’s accounts, Alhan said, insisting that it was a legitimate forex trader. The lack of laws and regulations to govern forex and online trading in the Maldives was not a reason to stop the company’s business, he contended. About 2,000 people have invested in the company, all of whom will be repaid, he assured.
Customs collected MVR325 million (US$21 million) as revenue in February, up 27% from the same period last year as imports and exports grew by 39% and 29% respectively.
The Maldives suffered an estimated loss of MVR71.3 billion (US$4.6 billion) due to the Covid-19 pandemic, the president revealed, announcing the end of a two-year state of public health emergency.
