Finance Minister Ibrahim Ameer has said that the state will have to stop its development efforts if it does not increase its revenue. The Finance Minister said this while answering questions in Parliament today.
However, MPs expressed concern about the tax being levied at the Parliament today.
Addressing the concerns of the members, the Finance Minister said that economic and financial measures should be taken with the changes to the economy.
"The government has been working that way so far. Similarly, measures were taken during the Covid pandemic. Back then we had to increase spending and find ways to grow businesses to bring money into the market,” Ameer said.
The Finance Minister said the country's economy is growing and economic progress is seen. The economy has increased by 41.6 percent from 2021, and the economy is expected to grow 13 percent this year, said the Minister. However, the country needs to find ways to generate revenue, as expenditures are increasing, he added.
Raising his concerns on the topic, Ameer highlighted that if the government does not increase taxes as proposed, current development projects for the people may have to be stopped. Hence the economic growth of the Maldives could be slowed down if the projects are forced to halt, Ameer added.
However, MPs expressed concern about the tax being levied at the Parliament today.
Addressing the concerns of the members, the Finance Minister said that economic and financial measures should be taken with the changes to the economy.
"The government has been working that way so far. Similarly, measures were taken during the Covid pandemic. Back then we had to increase spending and find ways to grow businesses to bring money into the market,” Ameer said.
The Finance Minister said the country's economy is growing and economic progress is seen. The economy has increased by 41.6 percent from 2021, and the economy is expected to grow 13 percent this year, said the Minister. However, the country needs to find ways to generate revenue, as expenditures are increasing, he added.
Raising his concerns on the topic, Ameer highlighted that if the government does not increase taxes as proposed, current development projects for the people may have to be stopped. Hence the economic growth of the Maldives could be slowed down if the projects are forced to halt, Ameer added.
