Maldives Monetary Authority Governor Ahmed Munawar has urged the Maldives Inland Revenue Authority to extend its audit focus beyond small businesses and examine the accounts of resorts.
Speaking at a meeting of the People’s Majlis Budget Committee, Munawar said the tourism sector generates approximately USD 5.9 billion a year, yet only about USD 3.8 billion of that enters the domestic banking system.
He cited MIRA figures showing that only around 50 of 185 resorts pay income tax. Either those resorts are not making profits, or their accounts require closer scrutiny, he said. Auditing resorts would help determine whether reported figures accurately reflect earnings and whether foreign currency obligations are being met.
Munawar emphasised that if every dollar earned in the Maldives passed through the banking system, the volume would be sufficient to meet domestic foreign-exchange needs. He noted that resorts have been instructed to open designated accounts and that oversight will be tightened.
The governor also said the central bank would not support a move to a floating exchange rate until usable foreign reserves reach at least USD 1 billion. Current measures focus on increasing the proportion of tourism receipts that enter the formal banking system.
