Foreign Investment registration fee observes increment

Regarded as one of the largest investment projects in Maldives – the integrated tourist island project which is now known as ‘Crossroads Maldives’

Maldives Inland Revenue Authority (MIRA) reports increment of revenue from foreign investment registration fee.

Moreover, the revenue authority’s statistics confirm a revenue collection of over MVR1 million by March end.

On the other hand, the corresponding period in 2020 registered a revenue of MVR967,560.

Revenue from foreign investment registration fee for March exclusively stood at MVR612,550.

In contrast, the revenue for corresponding month in 2020 stood at just MVR261,240 – owing to the Covid-19 pandemic impact.

Meanwhile, Ministry of Economic Development report an influx of USD294 million (MVR4.5 billion) into Maldives as Foreign Investments (FDIs) in 2020.

Furthermore, 2020 records a total of 38 such investments in Maldives which include 11 investments into tourism sector.