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Maldives projects 2020 tax revenues to fall by 48 per cent

Tax revenues are expected to see a year-over-year drop of at least 48 per cent this year due to a fall in tourism receipts, the Maldives tax body announced Wednesday.
Maldives Inland Revenue Authority (MIRA) chief Fathuhulla Jameel told reporters that his officials had formulated and shared with the government five scenarios on the possible impact on tax revenues.
The most likely scenario estimates tax revenues to stand at MVR 8.95 billion ($579 million) against budget projections of MVR 17.9 billion ($1.2 billion) for the year. In the worst case, tax revenues may fall to as low as MVR 6.62 billion ($428.5 million).
“Revenues collected through MIRA has decreased significantly over the past three months,” Jameel said.
“This is because of the halt in both tourism and other economic activities.”
Figures show MIRA collected MVR 527.47 million ($34.1 million) as revenue in April — a 59.5 per cent drop from the MVR 1.3 billion ($84.1 million) in April 2019.
The announcement by MIRA comes as the Maldives prepares to reopen its borders to tourists in July.
The coronavirus outbreak has hit the Maldivian economy hard, as travel restrictions and other preventive measures affect the country’s lucrative tourism industry, which contributes the bulk of the island nation’s state revenue and foreign reserves.
Before the pandemic, the government had been bullish about tourism prospects, targeting two million, high-spending holidaymakers this year after last year’s record 1.7 million.
However, tourist arrivals saw a year-over-year decline of 22.8 per cent in the first 10 days of March. Officials say the number of tourist arrivals to the Maldives could drop by half in 2020.
All international airlines have suspended scheduled operations to the Maldives, as the island nation enforced a blanket suspension of on-arrival visa in late March in a bid to combat the spread of the novel coronavirus.
Even before the visa suspension, the Maldives had closed its borders to arrivals from some of the worst-hit countries, including mainland China, Italy, Bangladesh, Iran, Spain, the United Kingdom, Malaysia and Sri Lanka. Visitors from three regions of Germany (Bavaria, North Rhine-Westphalia and Baden-Württemberg), two regions of France (Île-de-France and Grand Est) and two regions of South Korea were also banned from entering the country.
All direct flights to and from China, Italy, South Korea and Iran were also cancelled.
Cruise ships and foreign yachts were also banned from docking at any of the country’s ports.
With arrival numbers falling and the visa suspension in effect, several resorts across the Maldives had been closed.
Tourism has been the bedrock of the Maldives’ economic success. The $5 billion-dollar economy grew by 6.7 per cent in 2018 with tourism generating 60 per cent of foreign income.
However, the government is at present projecting a possible 13 per cent economic contraction this year — an estimated $778 million hit.
The government is in talks with bilateral lenders and international financial institutions to procure some $290 million in loans and financial aid.
In the meantime, the government will borrow MVR 4.2 billion ($272 million) under an overdraft facility at the central bank to cover state expenses and maintain public services amidst the coronavirus pandemic.
The government had also announced plans to shave MVR 5 billion ($324 million) off state expenditure and reduce the total state expenditure for the year to MVR 30 billion ($1.944 billion) from the approved MVR 38.7 billion ($2.5 billion).
Austerity measures include a 20 per cent cut on salaries and allowances of all political appointees, 25-35 per cent cuts on salaries and allowances of public sector employees, and 30-70 per cent cuts across travel, training, renovations and capital equipment budgets.
On March 8, Maldives reported its first cases of the novel coronavirus, as two hotel employees tested positive for Covid-19 at a luxury resort in the archipelago.
Eighteen more cases — all foreigners working or staying resorts and liveaboard vessels except five Maldivians who had returned from abroad — were later identified.
A six-case cluster of locals, detected in capital Male on April 15, confirmed community transmission of the coronavirus. Several more clusters have since been identified, bringing the total number of confirmed case in the Maldives to 1,457.
Five deaths have been reported and 232 have made full recoveries.
The Maldives announced a state of public health emergency on March 12, the first such declaration under a recent public health protection law.
The public health emergency declaration has allowed the government to introduce a series of unprecedented restrictive and social distancing measures, including stay-at-home orders in capital Male and its suburbs, a ban on inter-island transport and public gatherings across the country, and a nationwide closing of government offices, schools, colleges and universities.
Non-essential services and public places in the capital such as gyms, cinemas and parks have also been shut.
Restaurants and cafes in the capital have been asked to stop dine-in service and switch to takeaway and delivery.
A nationwide shutdown of all guesthouses, city hotels and spa facilities located on inhabited islands is also in effect.
Photo: Sun Online
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Celebrate love and friendship at JEN Maldives Malé by Shangri-La

This February, JEN Maldives Malé by Shangri-La invites guests to embrace love and friendship through ‘Threads of Love’, a series of thoughtfully curated dining experiences designed to celebrate love in all its forms.
At the heart of this celebration, the hotel’s expert culinary team has crafted an exquisite seven-course dinner, offering a symphony of flavours and romance. From intimate dining experiences to elegant high teas, JEN Maldives ensures a delightful way for everyone to celebrate love.
In tribute to friendship, JEN Maldives Malé by Shangri-La presents the Pink Galentine’s High Tea, available daily from February 7th to 14th. This beautifully curated experience features a delightful selection of sweet and savoury treats, perfect for celebrating the bonds of family and friendship.
On February 14th, guests are invited to indulge in a captivating Valentine’s dinner at Azur Restaurant, where they can enjoy an exquisite culinary journey accompanied by live music. Thoughtfully crafted to enhance the romantic ambiance, this special evening promises an intimate and unforgettable experience for couples.
Whether looking for the ideal setting to celebrate romance or a memorable gathering with friends and family, JEN Maldives Malé by Shangri-La offers the perfect backdrop, blending luxury with heartfelt hospitality.
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Kuredu Island Resort’s curated Valentine’s Day celebrations

Kuredu Island Resort & Spa invites couples to celebrate the most romantic day of the year in a tropical paradise. With a selection of thoughtfully curated experiences, the resort sets the stage for unforgettable moments that embody love, passion, and connection. This Valentine’s Day, couples are encouraged to escape to the Maldives and indulge in an array of exclusive offerings designed to create lifelong memories.
Couples can enjoy an intimate dining experience under the starlit Maldivian sky at the pristine Sangu Sandbank. As the waves gently lap the shore and the cool ocean breeze enhances the ambiance, guests will indulge in a delectable meal in a setting of unmatched serenity and romance. This enchanting candlelight dinner promises to create an evening of unparalleled magic.
For those seeking a more laid-back yet equally romantic experience, the Romantic Beach BBQ offers the perfect option. Set against the backdrop of the tranquil Maldivian shoreline, this private dining experience features a delightful BBQ feast, complemented by two glasses of sparkling wine per person. With the soothing sounds of the ocean and the glow of the evening sky, couples can enjoy a night filled with laughter, happiness, and togetherness.
Nothing says romance like a toast to love as the sun sets over the horizon. The Sunset Champagne Celebration is an exquisite experience where couples can savour a gourmet platter of cheese and canapés, paired with a free flow of champagne for one hour. Set in a breathtaking location, this experience allows guests to immerse themselves in the beauty of a golden Maldivian sunset while celebrating their special bond. At Kuredu Island Resort & Spa, every detail is designed to inspire connection and affection. From idyllic settings to personalised services, couples are guaranteed to find the perfect way to celebrate their love. With luxurious villas, world-class amenities, and unmatched hospitality, Kuredu offers an enchanting escape for couples looking to rekindle or celebrate their bond.
To enhance the romantic experience further, the resort provides additional activities such as spa treatments for two, private sunset cruises, and bespoke excursions that cater to the spirit of Valentine’s Day.
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Jawakara Islands Maldives presents perfect Valentine’s Day celebrations

Jawakara Islands Maldives offers the ultimate destination for couples to celebrate love this Valentine’s Day, providing a variety of unique and unforgettable experiences that promise to make the day extra special. From romantic breakfasts to sunset picnics and undersea dining, Jawakara creates the perfect atmosphere for couples to share cherished moments together.
Couples can surprise their loved ones with a one-of-a-kind breakfast served on a floating tray in their private pool. With a curated selection of fresh pastries, tropical fruits, and sparkling beverages, this romantic breakfast provides the ideal start to a day filled with love and luxury, all while basking in the warm morning sun.
Set against the stunning backdrop of the ocean, this BBQ beach dinner offers an intimate dining experience where the waves meet the flames. Couples can savour a delectable meal, accompanied by live music, while celebrating their love under the stars in a breathtaking beachside setting.
For those seeking a more private and intimate celebration, the romantic dinner in a private cabana on the beach offers the perfect experience. Surrounded by candlelight, ocean breezes, and the sound of waves, this intimate setting creates an unforgettable evening in paradise.
Couples can escape to a secluded sandbank for a peaceful and intimate 2-hour picnic. Surrounded by crystal-clear waters and untouched nature, they will enjoy each other’s company in a tranquil and picturesque setting, creating lasting memories together.
Indulging in a luxurious couple’s spa journey, couples can enjoy aromatic cocoa extracts that nourish and hydrate their skin. This rejuvenating experience is designed to promote relaxation, intimacy, and well-being.
For a truly unforgettable Valentine’s Day, couples can enjoy an exclusive private breakfast at the world’s largest all-glass undersea restaurant, located at the sister property, Hurawalhi Island Resort. Alongside hearty meals, Champagne, and breathtaking views of the ocean’s depths, couples can also indulge in a delectable 5-course lunch, paired with stunning views of the reef. For an evening to remember, they can savour a tantalising 7-course dinner, curated by Executive Chef Edouard Laurent Deplus, while surrounded by the beauty of marine life. Each of these experiences promises a magical and intimate celebration under the sea.
After a day of romance and adventure, couples can end the evening with a night of music, dancing, and cocktails at Bonthi Bar. Jawakara’s special Valentine’s DJ night invites couples to dance under the stars, creating memories that will last a lifetime.
Jawakara Islands Maldives invites all couples to celebrate this Valentine’s Day in true paradise style. With exclusive experiences designed to indulge the senses, Jawakara is the perfect place to create lasting memories with the one they love.
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