The profits from Atoll Shops based in Malé are now being given to their respective local councils.
According to the Ministry of Finance, 50% of the profits earned by the Atoll Shops are to be sent to their councils. This transfer of profits resumes a process that had been halted for the last four years.
The last time money was transferred this way was in 2014 and the Ministry revealed that the transfer begun this week was the money owed in 2015.
As such, the Ministry stated that they had transferred a total of MVR12.538 to 16 local councils. They also added that work is being done to transfer money to the four councils that have not received their due payments.
The Ministry of Finance, Mr Ibrahim Ameer stated that there are very few avenues for local councils to earn money and that Atoll Shops are one such avenue. He went on to state that empowering local councils was one of the incumbent government’s campaign promises and that financially empowering them is an important step towards this goal.
The Ministry also stated that while transferring the money owed in 2015 is underway, work is also being done to gather and disseminate the finances owed for the other years since then.
The Atoll Shops, which are located on the northern side of Malé, pay differing amounts for rent and each council is owed half the money earned through land rent.