Maldives to begin levying tourism GST from 1st January 2011

Friday, 31 December 2010 07:00

Maldives Inland Revenue Authority (MIRA) will charge a 3.5 percent Goods and Services Tax (GST) from tourist service providers commencing from Sunday.


Commissioner General of Taxation Yazid Mohamed said the authority is fully prepared to levy the GST commencing from January 1, 2011.

“The GST, which is directly linked to the tourists, will be levied starting from January 1. We wish to clarify that the tax will not hike the prices of goods at the market,” he said.

Yazid stressed that proving any taxable service without registering at the authority is a crime which allows the authority to fine the service provider by Rf25,000 or invoke other penalties as stipulated by the GST Act.

MIRA said the statement of the first tax period, which would be observed from January 1-31, should be submitted to the authority before Februar.y 28.

The authority will also accept other taxes and fees payable in foreign currency along with Maldives Monetary Authority (MMA).
 
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