2023 Budget, Plastic Tax, Urban Tourism
Business news from November 26 to December 2: MVR42.8 billion budget passed for 2023; MVR2 tax approved for plastic bags; and urban tourism project unveiled for Hulhumalé.
Tourism Tax, Stimulus Loan, Cheque Ceiling
Business news from November 19 to 25: tourism industry and worker’s associations at odds over impact of tax hike; new round of stimulus loans announced; and Bank of Maldives caps processing cheques at MVR50,000.
Tax Hike, Premium Villas, STO Sale
Business news from November 12 to 18: goods and services tax to rise in January; ‘secluded gated community’ project for Hulhumalé; and STO’s year end sale begins.
Inflation Fears, Leading Destination, Premium Water
Business news from November 5 to 11: central bank warns of inflation due to sales tax hikes; Maldives retains World’s Leading Destination title for third year; and MWSC unveils glass water bottles.
2023 Budget, Q3 Profits, Record Arrivals
Business news from October 29 to November 4: MVR42 billion budget submitted for parliamentary approval; state-owned enterprises post quarterly earnings; and new monthly tourist arrivals record set in October.
Tax Hikes, SOE Profits, Aquaculture Farm
Business news from October 22 to 28: tourism industry groups oppose raising sales tax; government companies post MVR10 billion revenue; and new multi-species hatchery under development.
MIFCO Losses, Unpaid Taxes, SME Hub
Business news from October 15 to 21: state fisheries company incurs MVR1 billion loss; MVR872 million owed as T-GST; and three-storey space for small business under development in Malé.
Negative Outlook, Hotel Asia, Taxpayer Default
Business news from October 8 to 14: Ratings agency Fitch warns of ‘tightening global financial conditions’; hospitality trade show returns after two-year hiatus; and list of non-compliant taxpayers made public.
New Runway, Credit Line, Gan Expansion
Business news from October 1 to 7: new runway operationalised at Velana International Airport; India extends US$100 million line of credit to expedite infrastructure projects; and Addu City airport development put up for tender.
Hanimaadhoo Airport, Trade Facility, Chinese Tourists
Business news from September 24 to 30: US$136 million contract signed to develop northern airport; STO secures US$189 million loan for essential imports; and Chinese tourists expected to return in October.
Deferred Wage, Suction Dredger, Green Tax
Business news from September 17 to 23: minimum wage delayed for foreign workers; MTCC inaugurates Bodu Jarraafa dredger; and legal changes ensure collection of green tax.
