A two-day ‘National Skills and Career Expo 2022’ – which “seeks to connect job seekers with employers and higher education institutions” – kicked off at the Central Park in Hulhumalé.
Targeting youth between 16 to 35 years of age, the expo features 30 stalls by colleges and universities, technical and vocational training centres, and state-owned enterprises as well as panel discussions and interactive events.
Virgin Atlantic plans to commence a three-times weekly service to the Maldives on 22 October 2023.
Tickets for the winter seasonal flights to Malé from the Heathrow Airport in London will go on sale on 30 November this year.
“The Maldives has always been an incredibly popular destination for Virgin Atlantic Holidays customers, which is why we couldn’t wait to give them the opportunity to travel to the idyllic location in style onboard Virgin Atlantic aircraft,” said Juha Jarvinen, Chief Commercial Officer.
Parliament approved the government’s proposal to raise the goods and services tax. With effect in January 2023, GST for the domestic sector will rise from 6% to 8% and T-GST – which covers all goods and services provided by the tourism sector – will be up from from 12% to 16%.
The tax hike was voted through over inflation warnings from the central bank and appeals for more notice from the tourism industry. But the government insisted it was necessary to restore public finances to a sustainable footing, citing challenges posed to deficit spending by elevated oil, commodity and food prices, and an unaffordable cost of borrowing in international markets.
Both the International Monetary Fund, and the World Bank welcomed the tax hikes and recommended other revenue-raising measures to avoid a looming debt crisis.
About 60 small and medium-sized businesses showcased their products and services at the ‘Vunadhaana Festival 2022’ organised by the economic development ministry’s Business Centre Corporation. The exhibition took place at the artificial beach in Malé.
The Maldives Finance Forum 2022 organised by the pension office was held at the Kurumba resort with more than 150 participants.
The annual event “brings together national experts from business, financial, political, academic and social protection sector, to deliberate on issues, promote views and share experiences for the development of the Maldives Financial Sector,” according to the the Maldives Pension Administration Office.
The State Trading Organisation launched its annual year’s end sale with promotions and discounts of up to 80%.
Cable television service provider Medianet – which purchased exclusive rights to broadcast the 2022 FIFA World Cup – clarified that it would not seek legal action against public screenings of matches. But screening for commercial purposes would be illegal, it noted.
National carrier Maldivian welcomed its new ATR 72-500 aircraft on a wet lease (short-term) for the upcoming busy holiday period.
ATR aircraft are fuel efficient and popular for use in domestic operations, the airline noted.
The Institute of Chartered Accountants of the Maldives became a member of the Asian Oceanian Setters Group (AOSSG), a 27-member organisation of “Accounting Standard Setters in the Asian-Oceanian region formed in 2009 to discuss issues and share experiences on the adoption of IFRS and to contribute to the development of a high-quality global accounting standards.”
At the Annual AOSSG Meeting in Nepal, the Maldives institute signed an MoU with AOSSG to “collaborate together to ensure upholding and enhance the quality of financial reporting in Maldives.”
Customs collected MVR346 million (US$22.4 million) as revenue in October, up 24% from the same period last year, as imports grew by 14% compared to October 2021. Exports declined by 15% last month.
The Housing Development Corporation awarded a contract to build premium villas in Hulhumalé to Batch Construction. The project was envisioned as “a secluded gated community of luxury villas” with a clubhouse and private beach.
A 19,746 square metre was allocated from Hulhumalé’s northeastern corner.
The Bank of Maldives announced a new promotion for American Express cardholders, offering an MVR5,000 (US$324) weekly prize and a holiday for two in the UK for the grand winner. “All local transactions made via American Express debit and credit cards are eligible to win,” according to the bank.
The tax authority collected MVR1.25 billion (US$81 million) in October, up 25% compared to the same period last year.
“Revenue collection surpassed the forecasted revenue, mainly due to the significant increment in collection of TGST, Tourism Land Rent, Airport Development Fee, Airport Service Charge and Green Tax,” The Maldives Inland Revenue Authority explained.
“Tourism Land Rent collection shows a significant increase in 2022 as the deadline of Tourism Land Rent for 4th Quarter of 2022 had been deferred to October 2022, as the deadline fell to a public holiday.”
The central bank launched a re-print of the MVR50 note with the new Maldivian Rufiyaa symbol printed on both sides of the banknote.
