Price of Goods and Services to Soar with New GST Tax Hike in Maldives

As of 00:00 hours tonight, the Maldives government's new GST of 8% on goods and services will come into effect, despite opposition from opposition parties.

The government has amended tax regulations to introduce the tax hike, which it claims will be used to fund developmental projects. However, the central bank of the Maldives has predicted that inflation will rise as a result of the tax hike. Inflation is already at an all-time high in the country.

Furthermore, the government has increased recurrent expenditure for next year, including increased spending on political appointees, travel, and other expenses. This has raised concerns about the government's priorities and its ability to manage the economy effectively.

The price of goods and services is expected to increase significantly as a result of the GST tax hike, causing concern among citizens and businesses alike.
The government's mismanagement of funds is also a source of concern, as it has spent millions on things like travel and political appointees, contributing to this year's all-time high budget deficit. The government also failed to secure the predicted amount of foreign grants.

It remains to be seen how the GST tax hike and the government's financial mismanagement will impact the people and businesses of the Maldives.