The Maldivian government has announced amendments to its tax laws, specifically affecting the tourism sector. These changes include an increase in the Tourism Goods and Services Tax (TGST), an increase in the Green Tax, and adjustments to airport taxes and fees.

As the registration deadline approaches fast, our team member Najwa Haleem provides comprehensive insights into the compliance requirements under the regulation. This document by CST Advisory LLP, offers a detailed overview of the new Foreign Currency Regulation introduced by the MMA.

This article outlines the new revenue measures and provide recommendations aiming to help CFOs navigate the changes brought about by the new revenue measures, ensuring that their companies remain financially stable and profitable, while concurrently contributing to the long-term financial stability

Pursuant to the sixth amendment of the Goods and Servies Tax Act, the rates for tourism sector GST and general sector GST will increase to 16% and 8% respectively effective from 1st January 2023

The Maldives introduces Departure Tax and brings changes to the rates charged as Airport Development Fee for the persons departing from Velana International Airport, effective from 1 January 2022.