Friday 2nd Dec 2022
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State revenue

Govt deliberating on raising GST, TGST

The Government of Maldives is deliberating on raising taxes on goods and services, at a time when prices of goods and services are increasing.
A senior official of Finance Ministry reported to TMJ that discussions were underway with industry stakeholders on raising GST and Tourism Goods and Services Tax (TGST).
The source confirmed that Finance Ministry and Tourism Ministry had met with stakeholder groups in the Tourism sector regarding the changes to TGST. The official also said that the Ministry is proposing hiking GST from six percent to eight percent, while TGST will be raised to 16 percent from the present 12 percent.
When contacted for a comment, President’s Office Spokesperson Mabrook Azeez had not responded.
Reports also say that the Government is considering a tax hike to match rising prices and make up for the earnings gap. The proposed tax hikes are to go into effect in April or May of next year.