Economic Minister Mohamed Saeed has dismissed claims that the decline in import duty revenue last month was linked to the Free Trade Agreement (FTA) between China and the Maldives.
Speaking on the matter at the 'Ahaa Forum', Minister Saeed addressed reports from a Maldivian newspaper that suggested the FTA was responsible for the drop in import revenue. He refuted the claim, stating that the decline was due to overall import trends.
According to the minister, imports from China from January to date amounted to MVR 1 billion, with a CIF (cost, insurance, and freight) value of MVR 34 million. He explained that the FTA benefit from these imports was only MVR 2.3 million, making up just one percent of total imports.
Minister Saeed further clarified that import duty is ranked fourth among government revenue sources and emphasized that the FTA has had no significant impact on revenue decline.
Speaking on the matter at the 'Ahaa Forum', Minister Saeed addressed reports from a Maldivian newspaper that suggested the FTA was responsible for the drop in import revenue. He refuted the claim, stating that the decline was due to overall import trends.
According to the minister, imports from China from January to date amounted to MVR 1 billion, with a CIF (cost, insurance, and freight) value of MVR 34 million. He explained that the FTA benefit from these imports was only MVR 2.3 million, making up just one percent of total imports.
Minister Saeed further clarified that import duty is ranked fourth among government revenue sources and emphasized that the FTA has had no significant impact on revenue decline.
