Full cooperation to government's fiscal reforms: MATATO

Maldives Association of Travel Agents and Tour Operators (MATATO) has expressed full support for the proposed amendment to tax businesses that earn in dollars in the same currency.

In a statement, MATATO said that the government's proposed changes to the pricing of goods and services would bolster the economy.

The decision to impose dollar taxes is part of the government's broader strategy to encourage the retention of dollars in the Maldives.

MATATO emphasized the importance of reforming fiscal policies and assured its full cooperation in implementing necessary corrective measures. The association also voiced its support for President Dr Mohamed Muizzu's efforts to improve the country's financial situation.

The government's new fiscal measures include levying income tax, pension contributions, and customs duties on businesses earning revenue in dollars.

Additionally, the Goods and Services Tax (GST) system will be adjusted to follow the 'destination principle,' and green tax and airport development charge are also planned to be amended.