Maldives Association of Travel Agents and Tour Operators (MATATO) has said the Association will fully support the proposed amendment to tax businesses that earn USD in the same currency.

MATATO said in a statement that the economy will benefit from the government's planned adjustments to the cost of goods and services.

The government's overall plan to promote the retention of dollars in the Maldives includes the decision to apply dollar taxes.

MATATO underscored the significance of fiscal policy change and pledged its complete collaboration in executing the requisite remedial actions. The group also declared that it was in favor of President Dr. Mohamed Muizzu's initiatives to strengthen the nation's financial position.

The government's new fiscal policies impose customs taxes, income tax, and pension contributions on companies that generate revenue in US dollars.

The "destination principle" will also be applied to the Goods and Services Tax (GST) system, and changes to the green tax and airport development charge are also envisaged.