Business

Green Tax Revenue Decreases by 3.5 Percent in February 2020

Ministry of Finance has revealed that the Green Tax revenue generated for February 2020 declined by 3.5 per cent.

As per the Ministry’s Green Fund Report, Green Tax dropped in comparison with the same period in 2019. The total revenue earned for February, in Green Tax was recorded at MVR 77,023,981.14.

The Ministry’s Green Fund Report showed as follows;

  • Revenue from tourist resorts: MVR 70,797,120
  • Revenue from hotels: MVR 1,459,554.42
  • Revenue from guesthouses: MVR 2,549,700.72
  • Revenue from safaris and liveaboards: MVR 2,217,606

As per the latest statistics by the Ministry, the balance of the Green Fund by the end of 2019 was observed at MVR 782,581,639.01.

The current balance of Green Fund stands at MVR 918,274,353.39, with the inclusion of both January and February 2020 earnings minus the expenditure in both months.

The Green Tax revenue in January was recorded at MVR 84,925,842.05 and the expenditure for January and February were MVR 584,873.27 and MVR25,672,235.54 respectively.

Green Tax is levied on tourist properties for its arrivals, with tourist resorts and hotels charged with USD6 per person and USD3 per person from guesthouses.

Tourist arrivals to the Maldives have declined significantly in light of the viral COVID-19 pandemic, which in turn contributed to the drop in Green Tax figures.

Full details are available at the link below:

Source URL: Corporate Maldives

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