Green Tax to be levied in Maldives next year – President

President Mohamed Nasheed has said that effective next year, each incoming tourist will be charged with US $ 30, as a “green tax”.

The President revealed this while addressing the businesses community in Male’ on Wednesday night at a function held at Muleeaage.

The President also revealed plans to introduce other taxes. This includes a new business profit tax on all enterprises earning above a certain threshold, an ad valorem-based tourist tax with effect in 2010 and a goods and services tax in 2011. He also spoke about amending the land law and charging a rent fee on an equal basis.

Providing vital and key important information on the status of the country’s economy and the government’s fiscal policies, the President said the favorable results of these taxes will be seen as early as next year.

“Even though we may consider facing these taxes as difficult, the benefits will of these tax reforms will bring prosperity and progress to the people” President said.

In his address, the President also highlighted the actions the government was taking to improve public financial management over the medium term.

In this regard, a single treasury account at the Maldives Monetary Authority has been introduced. The government was also completing the transition to a new Public Accounting System that will enhance budget execution, internal control, cash management, accounting and fiscal reporting.

The President also said that the government was in the process of establishing effective debt management units, accompanied by transparent procedures on borrowing, lending, and the provision of government guarantees.

In his address, the President said that he was confident that the overall result of the policy program would be fruitful and urged the people to give their support for the benefit of the whole nation.

miadhu.com.mv