Indian Ocean Island state increases GST and Tourism Tax from 1 January 2023 to finance debt costs
The Maldives has passed 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 Maldives Inland Revenue Authority will shortly issue an implementation guide to cover transactions supplied over the increase date.
The increases are to help the government manage the raising debt interest costs and global inflation costs.
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