Indian Ocean Island state increases GST and Tourism Tax from 1 January 2023 to finance debt costs
The Maldives Finance Ministry has announced a rise in the Goods and Services Tax from 6% to 8%. It will also increase the Tourism Goods and Services Tax (TGST) from 12% to 16%.
The new rates will come into effect from 1 January 2023.
The increases are to help the government manage the raising debt interest costs and global inflation costs.
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