Maldives Inland Revenue Authority (MIRA) has urged businessmen to be vigilant due to the increase in tax rates from January 2023.
The Goods and Services Tax (GST) rate will increase to 8%, and the Tourism Goods and Services Tax (TGST) rate will increase to 16% next year following the latest amendment to the Goods and Services Tax Act. MIRA stated that transactions that come after that date when GST is payable will be charged with the new rates.
MIRA urged the public to make necessary changes to the systems and plan in advance to incorporate the new rates into the prices of goods and services from January 1 in order to levy tax at the new rates.
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