Maldives President Ibrahim Mohamed Solih on Tuesday, 22nd November, ratified the sixth amendment bill to the Goods and Services Tax (GST) Act (Law No: 10/2011).
Earlier, Maldives parliament passed the bill at the 39th sitting of the third session, held on Wednesday, 16th November 2022.
This amendment, now a contested one, seeks to increase state earnings. State decided the tax hike to reduce recurrent expenditures, in light of unstable global economic conditions.
Following the ratification of the sixth amendment to the GST Act, Goods and Services and Tax (GGST) will increase from 6 to 8% and Tourism Goods and Services Tax (TGST) from 12 to 16%. This change will not become effective until 01st January 2023.
