The Maldives Green Fund Report for September 2024 reveals key insights into green tax collection and expenditures, underscoring the nation’s commitment to sustainability:
Key Highlights:
- Total Green Tax Collection: MVR 88.9 million in September 2024.
- Top Contributor: Kaafu Atoll generated MVR 31.4 million, primarily from resorts and guesthouses.
- Expenditures: MVR 57.7 million allocated for projects focusing on coastal protection, waste management, and climate resilience.
- Fund Balance: Stood at MVR 1.6 billion by the end of September 2024.
Year-on-Year Growth:
- September 2023 Data:
- Tax collection: MVR 53.3 million.
- Expenditures: MVR 29.5 million.
- Fund balance: MVR 1.06 billion.
- Notable Growth: Significant increases in both tax revenue and fund balance highlight enhanced contributions and environmental initiatives.
Green Fund Overview:
Established in December 2018, the Maldives Green Fund manages revenues from green taxes, channeling them toward nationwide environmental protection and sustainability projects.
Upcoming Changes to Green Tax Rates:
- Increased Rates:
- USD 12 per guest per night for resorts, integrated tourist resorts, resort hotels, guesthouses with more than 50 rooms, and vessels.
- USD 6 per guest per night for guesthouses with 50 or fewer rooms on inhabited islands.
- Projected Revenue: The revised rates are expected to generate MVR 964 million annually, providing substantial resources to bolster environmental sustainability and support the Maldives’ long-term environmental preservation goals.
