Independent presidential candidate Faris Maumoon has pledged to reduce the Goods and Services Tax (GST)to 3%. He made the remark in a special programme aired by Dhivehi Raajjeyge Adu for presidential candidates.
Speaking on the programme, Faris conveyed his perspective that GST imposes a substantial economic strain on the most financially vulnerable individuals. He advocated for a fair tax distribution, suggesting that those with the means should bear the primary responsibility for tax payments. He acknowledged that reducing GST from 8% to 3% would lead to a government revenue loss of more than USD162 million, emphasising the need for alternative solutions.
Additionally, Faris raised concerns about excessive spending within diplomatic fields and the financial imprudence of certain political positions. He stressed the importance of alleviating the economic burden these roles place on the country, committing to trimming unnecessary expenditures and increasing state revenue during his leadership. Notably, he expressed his intention to eventually lower the GST rate to zero percent.
Addressing the drug epidemic in the country, Faris emphasised the necessity of eradicating the influence of individuals responsible and proposed education as a means to prevent children's involvement in the issue. He firmly stated that strict measures against drug dealers are vital to overcoming the issue.
Faris also emphasised the requirement for unbiased policies and the significance of a comprehensive master plan to effectively tackle the housing issue in the country. He recognised the challenges of costly and time-consuming housing projects and presented his approach as a holistic solution to boost state revenue and offer a resolution to the housing issue.