Homeland Security Minister Ali Ihsan has stated that customs duty exemption policy on certain goods imported into the Maldives must be reviewed.
Speaking at a function held at Customs to mark National Statistics Day, the minister highlighted that the 50 percent exemption on certain imported goods impacts state revenue.
Minister Ihsan explained that while MVR 4 billion is collected in duties annually, MVR 1 billion is waived under the current exemption policy. He emphasized the need for changes to this policy to boost state revenue.
“These statistics show that there are aspects of the duty exemption policy that need to be reviewed,” the minister said.
Ihsan emphasized policies should be formulated in such a way that state revenue can be increased without burdening businesses.
The government is already taking steps to reform import duties for the benefit of the national economy. Recently, Customs raised the duty exemption threshold for goods brought by tourists and private individuals to MVR 10,000.
Homeland Security Minister Ali Ihsan
