Finance Minister Ahmed Munawar on Tuesday said Maldives had made significant progress in establishing an efficient tax system within a short period of time.
Speaking at the launching of a programme to inform the staff of Maldives Inland Revenue Authority (MIRA) on international taxation principles and Korea’s taxation policies, Munawar said the country developed and implemented an efficient and effective tax system within 6 years while it took several years for some other countries to do the same.
He said tax revenue accounts 23% of the country’s GDP, which exceeds the GDP percentage attributed by tax revenue in countries in the Organization for Economic Corporation, OECD.
The Asian Development Bank’s report on Maldives achievements in taxation system, “fast track tax reform: lessons from Maldives” will be released this year, he added.
The 3-day programme for MIRA staff is facilitated by OECD’s Korea Policy Centre.