“Resorts Should Be Given Tax Breaks”

Saturday 11th of April 2020

“Resorts Should Be Given Tax Breaks”

“Resorts can be given tax breaks, but they should be removed from the stimulus package. The stimulus plan should be used to help small and medium enterprises across all sectors.” - Mohamed Khaleel, CEO of leading local travel agency Reollo Travel and domestic airline Manta Air.

Khaleel, who also serves as a board member of Maldives Association of Travel Agents and Tour Operators (MATATO), says that the emergency finance under the government’s stimulus plan to boost the local economy during the coronavirus pandemic should exclusively be allocated for small and medium enterprises, with resorts given tax breaks instead.

President Ibrahim Mohamed Solih had announced a MVR2.5 billion worth stimulus package under the Economic Recovery Plan amidst the coronavirus pandemic that’s having a significant impact on the Maldivian economy. Details of this were recently announced by the Minister of Finance Mr. Ibrahim Ameer.

Emergency loans for resorts as well as local businesses with a turnover of over MVR 10 million are arranged through Bank of Maldives (BML). However, according to some people, emergency funding should focus on small and medium enterprises, and offering resorts with tax breaks will be more profitable for the economy.