GST strengthens even as Middle East conflict hits Maldives tourism

GST revenue in the Maldives rose nine percent to MVR 8.6 billion, with total revenue of MVR 19.1 billion collected so far this year against an annual budget estimate of MVR 40.4 billion. Tourism GST (TGST) increased to MVR 6.02 billion, and General GST (GGST) to MVR 2.5 billion. However, tourist arrivals have fallen sharply since the Middle East war began on February 28, with March arrivals down 20.7% and April down 24.4% year-on-year. May saw a smaller decline of 1.7%. Global oil prices and transport disruptions have raised commodity prices in the import-dependent country.

GST revenue in the Maldives rose nine percent to MVR 8.6 billion, with total revenue of MVR 19.1 billion collected so far this year against an annual budget estimate of MVR 40.4 billion. Tourism GST (TGST) increased to MVR 6.02 billion, and General GST (GGST) to MVR 2.5 billion. However, tourist arrivals have fallen sharply since the Middle East war began on February 28, with March arrivals down 20.7% and April down 24.4% year-on-year. May saw a smaller decline of 1.7%. Global oil prices and transport disruptions have raised commodity prices in the import-dependent country.

GST revenue in the Maldives rose nine percent to MVR 8.6 billion, with total revenue of MVR 19.1 billion collected so far this year against an annual budget estimate of MVR 40.4 billion. Tourism GST (TGST) increased to MVR 6.02 billion, and General GST (GGST) to MVR 2.5 billion. However, tourist arrivals have fallen sharply since the Middle East war began on February 28, with March arrivals down 20.7% and April down 24.4% year-on-year. May saw a smaller decline of 1.7%. Global oil prices and transport disruptions have raised commodity prices in the import-dependent country.

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