Faris H. Hadad-Zervos, Country Director of the World Bank for Nepal and Maldives, has stated that raising taxes is a good step to increase state revenue.
Speaking on social media regarding the work being done by the government to raise certain taxes, Hadad-Zervos said that because of the rising prices of commodities in the world, Maldives' fiscal position and balance of payment have gotten low.
Therefore, raising taxes will be a good step to increase state revenue, Hadad-Zervos said.
"In Maldives, World Bank analysis shows that the government's fiscal position and balance of payments have deteriorated due to rising global commodity prices. Urgent tax hikes are a meaningful step to increase revenue," said Faris H. Hadad-Zervos.
The amendment to the tax bill proposed by the government to the Parliament proposes raising GST from 6% to 8% and TGST from 12% to 16%.
The Maldives Public Expenditure Review (PER) report released by the World Bank praised this decision of the government.
Speaking on social media regarding the work being done by the government to raise certain taxes, Hadad-Zervos said that because of the rising prices of commodities in the world, Maldives' fiscal position and balance of payment have gotten low.
Therefore, raising taxes will be a good step to increase state revenue, Hadad-Zervos said.
"In Maldives, World Bank analysis shows that the government's fiscal position and balance of payments have deteriorated due to rising global commodity prices. Urgent tax hikes are a meaningful step to increase revenue," said Faris H. Hadad-Zervos.
In #Maldives, World Bank analysis shows that government's fiscal position and balance of payments have deteriorated due to rising global commodity prices. Urgent tax hikes are a meaningful step to increase revenue. https://t.co/lgbIGN7GMm
— Faris H. Hadad-Zervos (@WorldBankNepal) November 15, 2022
The amendment to the tax bill proposed by the government to the Parliament proposes raising GST from 6% to 8% and TGST from 12% to 16%.
The Maldives Public Expenditure Review (PER) report released by the World Bank praised this decision of the government.
