MMA Governor Calls for Audits as Only 50 of 150 Resorts Pay Income Tax

Dr. Ahmed Munavvar, the Governor of the Maldives Monetary Authority (MMA), has stated that resorts must be audited to ensure their accounts are accurate, as reported by the Maldives Inland Revenue Authority (MIRA). Speaking at the People’s Majlis Budget Research Committee, Munavvar revealed that according to accounts shared by MIRA, out of 150 resorts, only about 50 pay income tax. He raised concerns that this may indicate either a lack of profit or issues with the accuracy of financial reporting, emphasizing the need for an audit. The Governor stressed that MIRA has a significant responsibility in collecting business profit tax and must be granted additional powers to carry out this work. He also announced that stricter measures would be implemented next year to bring more dollars into the country's banking system, noting that currently, out of $5.9 billion that should enter the system, only $3.8 billion does.