Maldives Parliament has endorsed the bill on the amendment to the Import Export Act, on reducing 5% duty from petroleum.
The bill which was submitted to Parliament by the Majority Leader and Member of Parliament for Villimale’ constituency Ahmed Nihan Hussain Manik, was endorsed with the majority of MPs voting in favor to the bill. This bill is an amendment to Article 27 of the Import Export law.
The bill proposes to reduce the amount of duty levied on mineral fuels, mineral oils and products of distillation. Prior to the amendment, 10% duty had been taken from diesel, aviation fuel, cooking gas, kerosene and petrol.
However, once the bill comes into effect, the current duty from the petroleum, taken under the article 27 will be reduced by 50%.