Tax revision in USD to raise $40-80 million, minister says

The government is expected to receive an additional USD 80-40 million (MVR  617 million-1.2 billion) from setting those who earn their salaries in dollars to pay their taxes in dollars as well, economic minister Mohamed Saeed said on Wednesday .

He did not say whether the amount would be received within a year's time or if it was for the rest of this year.

The ruling PNC held a press conference at its office on Wednesday to discuss the change in taxes in dollars. When Atoll Times reporter asked what the state would gain from the change, the minister said that pensions, income taxes and import duties by those that get paid in dollars will be paid in dollars too, to the state

The government is trying to implement the necessary amendments and legal changes at the earliest, Saeed said. Noting that efforts have been initiated to implement them, Saeed said the measures are expected to give a positive boost to foreign exchange earnings. 

"These are still estimates. We are making good calculations of the changes that the measures will bring. We are expecting an amount in the USD 40-80 million band to add to the revenue. The exact amount will be known only after the ongoing works are completed," he said.

Noting that there are 950 foreign investments in Maldives, of which 500 are in tourism businesses, Saeed said:

“We will listen to the public interest and the businessmen in a way that protects all interests,” Saeed said.