Recent financial reports released by the Ministry of Finance show that even though revenue generated from resort rents have fallen, revenue generated from tourism good and services tax (TGST) has risen.
It was also highlighted in the reports that last year as the government has received MVR 526.3 million as TGST and this year they have received up to MVR 575.1 million.
For this year’s budget, it was estimated that the government will receive up MVR 3 billion as TGST.
Last year, in this period of time the government received around MVR 54.7 million, but this year the government has received only 42.5 million. This year’s estimated revenue from resort rents is MVR 1.7 billion.
According to the tourism ministry, there are around 150 resorts registered in the Maldives and due to COVID-19, the average tourist arrival has fallen thus revenues generated from the tourism industry are expected to fall.
