2 min read
In recent years, the Maldives Inland Revenue Authority (MIRA) has taken a proactive stance against tax evasion, employing a powerful weapon in its arsenal—naming and shaming. MIRA has embarked on...
2 min read
Taxes have long been recognized as a crucial pillar of the Maldivian economy, serving as a vital source of financial resources for governments to function effectively and provide essential services...
3 min read
There’s no denying that the Maldives recovery story after the reopening of borders following COVID-19 pandemic, has been remarkable. Especially, with strong arrival growth from the second quarter of 2021....
2 min read
As the Maldives recently happily celebrated the 50th anniversary of their tourism industry, the shocking news of tax increases slowly turned the year bleak. While TGST rates is to increase...
2 min read
One of the biggest complaints that are seen yearly is the unpaid taxes when it comes to the tourism industry. Whether that is in regards to hotels, resorts or guest...
7 min read
The Maldives government collected over MVR 19.7 billion (USD 1.3 billion) in revenue in 2021, which is equivalent to 26 percent of the GDP—a percentage value on par with advanced...
3 min read
Introduced on October 2, 2011, the Goods and Services Tax Act (Law Number 10/2011), widely known as GST or the Goods and Services Act, has been in effect.
2 min read
The Maldives was the first country to fully open their borders to the world amidst the pandemic. While the move was frowned upon by some, it has been done so...
5 min read
The Maldivian government first implemented a floating exchange rate in 1987. The exchange rate had been MVR8.50 at the time of initial change, but almost immediately spiked to MVR12 reflecting...
