Spokesperson at the President's Office, Miuvan Mohamed has stated that the decision to increase the Tourism Goods and Services Tax (TGST) and the Goods and Services Tax (GST) was reached after discussions with local businessmen.
Speaking during a press conference at the President's Office, Miuvan stated that the decision to bring changes to the Maldives taxation system was brought after consulting with relevant state authorities, local businesses, and industry professionals as well as with the advice of global financial institutions.
Miuvan further noted that the decision was part of the government's efforts to continue government projects and services without any disruptions.
Several bodies in the hospitality industry had expressed their concern over the decision to increase TGST. As such, MATATO had previously stated that the hike in tourism tax would have negative impacts on the industry as a whole, including a negative impact on small and medium enterprises.
The amendment would implement a hike in GST to 8% from 6% and TGST to 16% from 12% starting January 2023.
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