Business Environment Tax

Green Tax Revenue Decreases by 89%

The revenue generated from green tax has decreased to 89% this year, compared to the green tax revenue amount of 2019.

According to the Green Fund report released by the Finance Ministry for the month of May, the fund has received MVR 7.9 million during the month. However, during May 2019, the fund has recorded MVR 77.6 million. Hence, the revenue generated from green tax for May has shown a decrease of 89%.

The Green Fund report states that in May, the fund has not received any payments as green tax from 6 atolls across the Maldives. The report also highlights K. atoll as the atoll that paid the highest amount as green tax – MVR 3 million. V. atoll is the next atoll that paid the most amount of green tax, with MVR 609,085.44 from guest houses operating in the atoll. While B. atoll transferred MVR 1.4 million to the green fund, GA. Atoll has transferred MVR 609,085.44. In this time MVR 404,664.00 has been paid from safaris.

According to the statistics of Green Fund, the fund holds a total of MVR 955 million till May. MVR 25.1 million has also been spent from the green fund in May.

Green Tax policy was implemented in 2016. USD 6 dollars will have been charged from guests who visit resorts, safaris and hotels while USD 3 dollars will have been charged from guests staying at guesthouses.

Full details are available at the link below:

Source URL: Corporate Maldives

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