State generates MVR 105 million as green tax in March
In February, MVR 91.9 million was generated as green tax and MVR 66 million was spent from the fund
Green tax is a tax payable by tourists who stay in tourist resorts, tourist hotels and tourist vessels
Ministry of Finance has disclosed that the state has generated MVR 105.4 million as green tax in March 2023.
Statistics released by the Finance Ministry show that most of the green tax was generated from tourists visiting the resorts, with a total of MVR 95.2 million generated during the month. MVR 6.2 million was generated from tourists visiting guest houses and 1.5 million was generated from tourists visiting tourist hotels.
Statistics show that MVR 2.6 million was generated from tourists that visited live-aboard vessels during March.
During the month, MVR 77.5 million was spent from the green fund.
During January 2023, MVR 100.7 million was generated as green tax and MVR 74.8 million was spent from the fund.
In February, MVR 91.9 million was generated as green tax and MVR 66 million was spent from the fund.
Ministry of Finance's statistics shows that the state generated MVR 972 million as green tax in 2022.
As such, MVR 95.2 million was generated in January, followed by MVR 91.4 million in February, MVR 105.7 million in March, MVR 87.3 million in April, MVR 96.6 million in May, MVR 70.8 million in June and MVR 61.4 million in July.
Additionally, MVR 73 million was generated as green tax in August, followed by MVR 77.7 million in September.
The state generated MVR 61.7 million as green tax in October 2022, and MVR 76 million in November, followed by MVR 75.8 million in December 2022.
While the highest amount was generated in March, April showed a drastic decrease compared to the amount generated in March. Statistics show that the state generated more green tax in May, compared to April. However, the income generated from green tax during June saw a decrease compared to the amount generated in May.
Additionally, the statistics also show that the state has spent MVR 778.6 million from the Green Fund, in 2022.
While, MVR 11.8 million was spent during January, MVR 107.8 million was spent in February. The state spent MVR 140.5 million from the Green Fund during March and MVR 59.7 million in April.
During May, MVR 356.8 million was spent from the green fund, and MVR 51.9 million was spent during June 2022.
The state spent MVR 23.9 million in July and MVR 107 million in August. In September, MVR 32.4 million was spent and MVR 154.9 million was spent from the green fund in October.
Statistics show that MVR 51.4 million was spent from the green fund in November 2022.
Additionally, MVR 129.6 million was spent from the green fund in December 2022.
Expenditure from the green fund was mostly for projects such as establishment of sewer systems, coastal protection, land reclamation and revetment, water and sewerage systems as well as water supply networks among several other works.
By the end of 2021, the fund had a balance of MVR 708.2 million. With inflows and outflows, by the end of 2022, the balance stood at MVR 774 million.
By the end of February 2023, the green fund balance stood at MVR 825.9 million.
Green tax is a tax payable by tourists who stay in tourist resorts, tourist hotels and tourist vessels. Maldives began collecting Green Tax during 2016.
Green tax is payable at the rate of 6 United States Dollars per day of stay from tourist resorts, tourist hotels and tourist vessels, and 3 United States Dollars per day of stay from tourist guesthouses.
Maldivians and resident permit holders are not required to pay Green Tax.
