Finance Minister Ibrahim Ameer has said that the tax increase will be an additional boost to the government's efforts for development.
The Parliament today approved the increase in GST and TGST as proposed by the government.
Referring to this, Finance Minister Ibrahim Ameer said the government has set an example to the world by overcoming the economic crisis in recent years. Despite the challenges, many structural and social development projects have been carried out equally throughout the country, he said.
The Minister said the tax rate proposed by the government would be an additional boost to the government's efforts to ensure financial sustainability and meet the expectations of the people.
The amendment to the Tax Act was passed by a majority of 55 members present. 26 members voted against the amendment.
The amendments to the Value Added Tax Act were passed by the Parliament to increase TGST from 12 percent to 16 percent and GST from 6 percent to 8 percent. The government estimates that the change will generate a total revenue of MVR 3 billion.
The Parliament today approved the increase in GST and TGST as proposed by the government.
Referring to this, Finance Minister Ibrahim Ameer said the government has set an example to the world by overcoming the economic crisis in recent years. Despite the challenges, many structural and social development projects have been carried out equally throughout the country, he said.
The Minister said the tax rate proposed by the government would be an additional boost to the government's efforts to ensure financial sustainability and meet the expectations of the people.
The amendment to the Tax Act was passed by a majority of 55 members present. 26 members voted against the amendment.
The amendments to the Value Added Tax Act were passed by the Parliament to increase TGST from 12 percent to 16 percent and GST from 6 percent to 8 percent. The government estimates that the change will generate a total revenue of MVR 3 billion.
