Business

Amendment to stop levying taxes on low tourism areas

Published

1 month ago

25/10/2023

Hoarafushi MP, Ahmed Saleem has proposed an amendment to the Tourism Act Amendment Bill to exempt taxes from low-tourism areas for a period of 10 years at Wednesday’s parliamentary sitting.

The first reading of the Tourism Amendment Bill moved by Kendhikulhudhoo MP Ahmed Easa on behalf of the government was on the agenda for Wednesday’s sitting.

Proposing an amendment to the bill, Saleem pointed out that the guesthouse business had mostly expanded in the Male’ region while the area was crowded with resorts. He stressed that the reasons behind this should be probed, adding tourism needs to be expanded to areas apart from the Male’ region.

In this trajectory, Saleem proposed to halt taxes for 10 years in the northernmost and southernmost regions of the country where tourism is least developed. He also proposed decreasing the rates of other tourism taxes by 50 percent for resorts in these areas during this 10-year period.

“The cost of transportation is so high that tourists are reluctant to travel to these areas,” Saleem said.

Noting airports have been developed in many parts of the country to facilitate tourism, he raised the question as to whether tourism can actually be developed in light of the high fares. Therefore, he has proposed to halt taxes for areas where tourism is low

“Investors have no interest when the taxes applied to the Male’ area are applied to areas where tourism is very less developed. Even if an island is acquired with the intention of developing a resort, the cost of development is extremely high, so there are many islands that have not been developed for 13, 14, 15, 16 years,” he said.

The government’s proposed amendment calls for the abolition of GST on charter bed rentals for the introduction of a tourism real estate tax in place.

Source(s): sun.mv

Business

Discussions held on exempting tariff from Maldivian fish exports to Türkiye

Published

2 days ago

29/11/2023

Maldivian Foreign Minister Moosa Zameer has revealed that discussions were held on Tuesday, regarding exempting duty levied on fisheries products imported to Türkiye from the Maldives.

Minister Zameer said the discussion took place during a meeting between Maldivian President Dr. Mohamed Muizzu and Türkiye’s Deputy Minister of Trade Mustafa Tuzcu as part of the ongoing official visit to President Muizzu to Türkiye.

Zameer said easier access for Maldives fish products to Türkiye market was also noted during the meeting. At the same time, discussions also focused on opportunities for enhancing trade and cooperation between the Maldives and Türkiye, including removing the tariff on Maldivian fish exports to Türkiye.

Discussions focused on exploring new areas of cooperation, such as tourism, construction, and renewable energy generation. They also addressed enhancing partnerships in existing areas of cooperation, both bilateral and multilateral.

He expressed confidence that Maldives-Türkiye relations will reach new heights through greater trade cooperation.

The meeting was also attended by other cabinet ministers accompanying President Muizzu in his ongoing visit. During the meeting, the President expressed his desire to deepen bilateral cooperation in commerce and investment between the Maldives and Türkiye. The President underscored the Maldives’ eagerness to explore opportunities for increased trade and investment with Türkiye, emphasizing that the aspirations for greater national development resonate deeply with the Maldivian people.

He also suggested increasing Turkish Airlines flights to the Maldives, considering the nation’s potential as a hub connecting the West to the East.

In conclusion, the President expressed optimism that Maldives- Türkiye cooperation would reach new heights during his tenure.

During the visit, the President also met with the Maldivian community residing in Türkiye where he pledged to work on remedying difficulties faced due to the dollar limit imposed on Bank of Maldives (BML) cards.

President Muizzu also called on the Turkish president Recep Tayyip Erdoğan.

Source(s): sun.mv

Business

Sri Lanka to sign FTA with Thailand in February: Colombo

Published

1 week ago

21/11/2023

COLOMBO, Nov. 21 (Xinhua) — Sri Lanka plans is expected to sign the Sri Lanka-Thailand Free Trade Agreement (FTA) in February 2024, Sri Lanka’s cabinet spokesperson Bandula Gunawardena told reporters on Tuesday.

At a press conference, Gunawardena said the agreement will be signed following the completion of negotiations by December 2023.

The cabinet has approved the free trade agreement, which will see 80 percent of tariff lines liberalized over 15 years, he said.

Sri Lanka is Thailand’s fourth-largest trading partner in South Asia, and Sri Lanka’s main exports to Thailand include gems, jewellery, tea, spices, fiber and metal products, according to official data.

In 2021, Sri Lanka imported goods from Thailand worth 355 million U.S. dollars and exported 59 million dollars’ worth of commodities to Thailand, according to official data.

Source(s): Xinhua

Business

Fenaka slapped with MVR 4M fine

Published

2 weeks ago

19/11/2023

Fenaka Corporation has been slapped with MVR 4 million fine for building power houses at 21 islands without completion of the Environment Impact Assessment (EIA) process.

In a statement on Sunday, Environment Protection Agency (EPA) said they investigated Fenaka for building powerhouses at 21 islands without completing the EIA process. Following their investigation, EPA said they have fined Fenaka by MVR 4,200,000.

EPA’s statement read that information received during the investigation and the documents exchanged between the two parties established that physical works on the powerhouses commenced without completing the EIA process.

They also noted that Fenaka had been previously fined for violating the regulations of EIA.

The 21 islands where physical works on the powerhouses commenced without completion of EIA are;

HDh. Finey
HA. Uligan
HA. Utheemu
GDh, Maavarulu
Sh. Feydhoo
Sh. Maaungoodhoo
HA. Dhidhdhoo
R. Rasgetheemu
R. Kinolhas
N. Kendhikulhudhoo
HA. Muraidhoo
Sh. Komandoo
N. Fodhdhoo
Sh. Kurendhoo
HDh. Kulhudhuffushi
HDh. Kumudhoo
Dh. Meedhoo
L. Maabaidhoo
HA. Molhaidhoo
GDh. Rathafandhoo
GA. Villingilli
Fenaka Has been instructed by EPA to settle the fine within 30 days, starting today.