Maldives Inland Revenue Authority (MIRA) has announced it will be holding information sessions on the changes to the tax system.
Teams from MIRA will be visiting five islands to hold information sessions for local businesses from December 18 to 22. As such, the teams will be visiting Velidhoo in Noonu Atoll, Dhangethi in Alifu Dhaalu Atoll, Mulah in Meemu Atoll, Bilaidhoo in Faafu Atoll, and Maamendhoo in Gaafu Alifu Atoll.
MIRA is holding information sessions on changes to the Goods and Services Tax (GST) and return filings, Income Tax, and the sixth amendment to the GST Act. The authority has opened the sessions for registrations.
In November, President Ibrahim Mohamed Solih ratified the amendment bill to increase the tax rates from January 2023. The Bill on Amendment to the Goods and Services Tax Act was passed to increase the GST and Tourism Goods and Services Tax (TGST) in an effort to increase state revenue. The government approved the amendment bill to increase TGST from 12% to 16% and increase GST from 6% to 8%. The government expects to generate USD63 million from GST and USD136 million from TGST by next year. Therefore, the tax changes are expected to generate total revenue of USD195 million.