Minister Finance and Planning Minister Moosa Zameer has stated that the Maldives’ tax system has made significant progress through collaboration with international institutions. The Minister made the remarks while speaking at the 8th Asia Initiative forum on Transparent Tax Systems, organised by the Maldives Inland Revenue Authority (MIRA).
Speaking at the meeting, the Finance Minister stressed the importance of capacity building, collaboration and inclusive dialogue as a member of the Global Forum. He expressed confidence that sustainable progress could be achieved through teamwork and strong leadership in facing the challenges ahead.
"By addressing the current problems in the system, we will be able to build a robust administrative system, which will also be equitable. Collaboration in the tax sector with international bodies is transformative. This ensures the integrity of our tax system " he said.
Minister Zameer also discussed strategies that can strengthen the Maldives’ economy at a time when countries are reshaping their economic policies in view of the global economic situation.
Noting that the Maldives’ economy is based on tourism, Minister Zameer said the Maldives made a strong recovery following the global COVID-19 pandemic. The tourism industry accounted for 13.8 percent of GDP last year, with a record two million tourists visiting the Maldives, he noted.
According to Minister Zameer, the Ministry of Finance and Planning has formulated a medium-term revenue strategy in collaboration with revenue administration agencies. The strategy aims to strengthen existing revenue policies, increase domestic revenue and reduce reliance on foreign debt, he explained.
“Having a transparent and resilient tax system is essential for adapting to climate change and financing critical sectors such as education, health and infrastructure,” he said.
With the advancement of digital technology and the financial flows on the world, international cooperation is critical, Zameer noted. He underscored that information sharing is vital in preventing tax evasion and illegal financial flows.
During the forum, the Minister launched the third issue of the Tax Transparency in Asia report.