The government is set to present the budget for the upcoming year this Thursday, marking a crucial step in the nation’s fiscal planning.
During a meeting with the Finance Committee and the Economic Committee of Parliament today, Parliament Deputy Speaker Ahmed Nazim emphasized the need for the government to ascertain the revenue expected from proposed tax increases prior to the budget presentation. The figures must be included in the budget, so it’s essential that the tax bills are finalized beforehand, he stated.
The sub-committee formed to examine the tax bills has approved the completion of four tax-related bills submitted by the government to Parliament, with a deadline for finalization set for tomorrow. The public can submit comments on these bills until 2 PM tomorrow.
In addition to the upcoming budget, the government has proposed a supplementary budget of MVR 5,119,508,129. This request comes as the initially approved budget of MVR 49.8 billion for the current fiscal year has proven inadequate to cover ongoing expenditures. If approved, the total budget for this year will rise to MVR 55 billion.
As the government prepares for the budget presentation, all eyes will be on how these proposed tax increases and supplementary allocations will shape the nation's economic landscape in the coming year.
During a meeting with the Finance Committee and the Economic Committee of Parliament today, Parliament Deputy Speaker Ahmed Nazim emphasized the need for the government to ascertain the revenue expected from proposed tax increases prior to the budget presentation. The figures must be included in the budget, so it’s essential that the tax bills are finalized beforehand, he stated.
The sub-committee formed to examine the tax bills has approved the completion of four tax-related bills submitted by the government to Parliament, with a deadline for finalization set for tomorrow. The public can submit comments on these bills until 2 PM tomorrow.
In addition to the upcoming budget, the government has proposed a supplementary budget of MVR 5,119,508,129. This request comes as the initially approved budget of MVR 49.8 billion for the current fiscal year has proven inadequate to cover ongoing expenditures. If approved, the total budget for this year will rise to MVR 55 billion.
As the government prepares for the budget presentation, all eyes will be on how these proposed tax increases and supplementary allocations will shape the nation's economic landscape in the coming year.
