The switch to dollar-denominated taxes is expected to add about USD 40 to 80 million to state revenue, Economic Minister Mohammed Saeed has stated.

The government has decided to convert pensions, income taxes, and import duties to dollars for companies that earn their revenue in dollars.

Speaking during a press conference by PNC today, Minister Saeed revealed that President Dr. Mohamed Muizzu is working hard to increase state revenue and to retain foreign currency in the Maldives.

Saeed said the changes can only be brought about by making changes to the law and that the President's vision is to implement the changes as soon as possible.

"Then the question is what is the value of it? We are working on it. There are estimated values. They are between 40 to 80 million dollars," Saeed said.

Saeed added that there are about 950 foreign investments in the Maldives, of which more than 500 are tourism-related. Therefore, measures to increase dollar income will be taken in consultation with these parties in a manner that will not inconvenience investors and businesses.