Businesses registered for the goods and services tax must submit statements on an MVR2 (US$0.1) levy on plastic shopping bags when they file GST returns, according to new rules gazetted by the Maldives Inland Revenue Authority.
With effect on 18 April, businesses must charge customers for plastic bags sold or provided at the point of sale. Fines of up to MVR50,000 (US$3,240) could be imposed for violations.
Duty-free shops and waste management service providers will be exempt. Bin-liners and plastic bags used to sell fresh fish can also be provided without the extra charge.
The new environmental tax is part of the government’s policy to phase-out the production, import and sale of single-use plastics.
The sixth annual F&B Show kicked off at the Central Park in Hulhumalé. Organised by High Rise, the three-day exhibition features stalls from state-owned and private businesses in the local food and beverage industry.
The Tree Top hospital based in Hulhumalé opened a clinic in Malé, “offering sports therapy, pain management, post-operative rehabilitation, occupational therapy services and more.”
Ahmed Nazeer, the hospital’s managing director, hailed the “important milestone in opening TTH Clinic, in which guests can easily get access to services within Malé.”
A mockup home built for the ‘Maldives Floating City’ – a 5,000-house development by Dutch Docklands in a 200-hectare lagoon near the capital – was towed to the Hulhumalé lagoon for display to the public.
Local resort construction company Bison Maldives was contracted to build the homes in February last year based on specifications designed by engineers from the Netherlands. The housing units are to be tethered to the lagoon floor and linked together.
The first homes were due to be shown to the public in Ramadan last year. Local consultant Ibrahim Riyaz – who posted photos from the mockup home this week – blamed slow approval processes from government agencies for the delay. Construction has not started at the lagoon because the environment ministry has yet to approve the environment impact assessment report. But preparations for displaying a three-home unit is now complete and journalists will be invited for a presentation during the weekend, Riyaz said.
In June last year, the US$1 billion project was changed to an integrated tourism project upon advice from the government’s economic council.
A “million dollar alternating payment fee” was paid and an agreement was signed between the tourism ministry and Dutch Dockland Maldives, a joint venture formed between the government and the Netherlands developer.
“A first block of floating homes is under construction by Bison and is due to be transported to the Lagoon and opened in August after the school holidays. This will enable the public to visit and see first hand how the homes will look like,” the company said at the time.
“The marine engineering, technical details and specifications for the Maldives Floating City development have been completed, and construction will begin immediately after remaining government approvals have been granted. The modular city construction is accordingly scheduled for January 2023 and will take 4 to 5 years to complete.”
The project drew international media attention over the past year with coverage from CNN, USA Today, Business Insider and several other outlets.
Cargo boat owners must bear responsibility for damaged goods, according to new rules gazetted by the transport ministry. The regulations are due to come into force in May. Compensation must also be provided if the captain or crew member is culpable for damages caused during loading or unloading.
The Bank of Maldives imposed a limit of MVR750 (US$48.6) for QR code transactions through the mobile wallet app. A maximum daily limit for QR transactions was set at 10 per day.
The State Trading Organisation assured a steady supply of onions, potatoes and eggs at affordable prices during Ramadan.
Demand for the goods usually soars during the fasting month, which is due to begin in late March. With the first stock due to arrive early next month, STO is prepared to ensure that prices remain stable, state media reported.
Ahead of Ramadan, STO is also planning to open a new outlet to cater to the growing population in Hulhumalé phase two.
The state-owned behemoth is the country’s primary wholesaler, responsible for importing the vast majority of basic foodstuffs such as rice, flour, and sugar. STO now imports most of its goods through its subsidiary Maldives State Shipping.
In anticipation of higher volumes of perishables goods and shorter working hours, the Maldives Ports Limited has also started preparations for Ramadan, according to state media. Four new reach stacker vehicles were added to its terminal fleet last month “to accommodate the high demand and traffic” during Ramadan. Temporary sheds have also been set up at the Malé commercial harbour to speed up cargo clearance operations.
Sapphire Foods India increased its stake in Gamma Island Food, which operates the Pizza Hut and KFC restaurants in the Maldives under franchise agreements.
“The Board of Directors of Gamma Pizzakraft (Overseas) Pvt Ltd (GPOPL), wholly-owned subsidiary of SPIL, has considered and approved subscription of up to 81,914 Equity Shares of GIFPL, subsidiary of GPOPL and step-down subsidiary of the Company, for a total consideration of up to 1.88 crore Maldivian Rufiyaa (Rs 10.15 cr),” Sapphire said.
Following the acquisition, GPOPL’s equity shareholding would rise from 51% to 75%.
“The proposed acquisition is by way of subscription to the additional equity shares issued by GFIPL to GPOPL, in one or more tranches, pricing of which is based on a chartered accountant report,” it added.
One of the largest franchisees of the Yum! Brands Inc in South Asia, Sapphire operates more than 700 KFC, Pizza Hut and Taco Bell restaurants across India, Sri Lanka and the Maldives.
Searches related to vacationing in the Maldives doubled on major Chinese travel platforms as a Sino-Maldives mutual visa-waiver arrangement came into force on Friday, the Global Times reported.
The visa exemption agreement signed in February last year grants Chinese citizens a free 30-day on-arrival visa for holidays, business purposes, family visits or transits.
Before noon on Friday, searches for hotels in the Maldives on online travel agency Qunar.com rose 126% compared to the same period on the previous day. Searches for resorts located in the North Malé Atoll in particular increased threefold, a spokesperson of Qunar.com told the Chinese newspaper.
“The spokesperson noted that reservation for Maldives hotels in February has doubled so far compared with January, and is expected to rise further as Chinese travelers’ enthusiasm was further spurred by the implementation of the visa waiver policy,” the paper reported.
Views on Maldives as a travel destination was up 200% on Trip.com Group in half an hour after the visa exemption deal was announced.
“Data from Trip.com also showed that bookings for Maldives-related products have increased by 50 percent month-on-month from February 6. Maldives was also among the top five outbound travel destinations on the platform in terms of reservation for group tour and self-guided tour products,” the Global Times added, citing a statement Trip.com.
According to the Chinese embassy in Malé, Chinese travel agencies and online travel operators were authorised to resume “pilot outbound group tours for Chinese citizens” with effect on 6 February. The Maldives was among the first group of countries cleared for group tours by the Chinese government.
The State Trading Organisation launched a new line of Hitachi products at its People’s Choice supermarket, including refrigerators, washing machines, microwave ovens, and chest freezers.
Several businesses launched sales and special promotions for Ramadan.
The Maldives Industrial Fisheries Company offered cash prizes with MVR100,000 (US$6,485) for the first place winner of a lucky draw. Customers can enter the promo with purchases above MVR200 at the company’s frozen and canned tuna outlets.
An MVR100,000 prize is also on offer for customers who make a minimum purchase of MVR500 at any SIMDI outlet or through the SIMDI Online app.
Customers who buy MVR25,000 worth of goods through the Maldives Islamic Bank’s Ramadan promotional scheme would be eligible to win an Umra pilgrimage trip for two.
Muni Homecare offered 15% discounts “on all kitchen cupboards, accessories, and appliances.”
