President Muizzu is attempting to dismantle tourism industry in its entirety, with ultimate goal of seizing control to remain in power long-term: Yauqoob
31 އޯގަސްޓު 2026 | ހޯމަ 07:52Yauqoob stated that mandating resorts to convert 40 percent of their foreign currency earnings into local currency would result in significant financial losses. He noted that TGST already accounts for 17 percent of total resort revenue, meaning $17 out of every $100 earned is paid as tax. Furthermore, he highlighted that when including other applicable taxes, resorts are already required to pay approximately 30 percent of their total income to the government.
Former Member of Parliament for the Dhaandhoo constituency, Yauqoob Abdulla. | Raajje MV
Former Member of Parliament for the Dhaandhoo constituency, Yauqoob Abdulla, has alleged that President Dr. Mohamed Muizzu is working to dismantle the Maldives' tourism industry. He claimed that the President's objective is to seize total control of the country to ensure a long-term hold on power.
Speaking on RaajjeTV’s "Fala Surukhee" program on Sunday night, Yauqoob strongly criticized the government’s recent amendments to the foreign exchange regulations. Yauqoob stated that these changes were implemented without any prior consultation. He further alleged that this is a deliberate move by the government to undermine the tourism industry through a calculated, long-term plan.
Yauqoob stated that mandating resorts to convert 40 percent of their foreign currency earnings into local currency would result in significant financial losses. He explained that TGST already accounts for 17 percent of a resort's total revenue. For instance, if a resort earns $100, $17 must be paid as TGST, he noted. Furthermore, Yauqoob highlighted that when other taxes are factored in alongside TGST, resorts are already paying approximately 30 percent of their total income in taxes.
Yauqoob stated that with the additional 40 percent exchange requirement, a resort earning $100 would now be mandated to exchange a total of $70. He further noted that resorts must also service their existing loans and require foreign currency to cover their ongoing operational expenses.
Furthermore, Yauqoob stated that the government’s actions are aimed at dismantling the Maldives' tourism industry. He alleged that President Muizzu seeks to consolidate power within his own hands and gain absolute control over the entire country. Yauqoob further asserted that the ultimate objective behind these moves is to secure a long-term hold on the presidency.
Public outcry is mounting against the government's recent amendment to foreign exchange regulations, which mandates resorts to convert 40 percent of their foreign currency earnings through local banks. This move has drawn significant criticism, particularly from stakeholders within the tourism industry.
