Tourists on the walkway leading to the water villas in Cocoon Maldives resort. PHOTO: HUSSAIN WAHEED/MIHAARU
Maldives Monetary Authority (MMA) revealed that the tourism industry earned USD 2.7 billion (MVR 41.6 billion) in 2017.
The annual report by MMA stated that the earnings of 2017 increased by USD 236.3 million (MVR 3.6 billion). This amount includes all the earnings of the companies managing resorts, and the state earnings as well.
The state earns revenue from tourism with land lease fees, tourism taxes and Business Profit Tax (BPT).
According to MMA, USD 3.1 billion was earned as service charge. This amount is USD 258.3 million greater than the revenue for 2016.
Tourism makes up a large part of the service industry earnings, the report revealed. MMA stated that 87 percent of the hospitality business earnings is via tourism.
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Source URL: Maldives Times