President Mohamed Nasheed has said that the 2012 budget proposed to the parliament by the Minister of Finance and Treasury during the last week, will allow the year 2012 to be a “Duty Free Year”. The President made this remark while highlighting next year’s budget in his radio address delivered this morning.
Saying that this budget would bring about many developmental opportunities in the country, the President noted that import duty will be removed from certain goods, which will in turn make their market prices to go down. He also said that GST will be removed as well, from some of the zero-rated goods.
In his radio address, President Nasheed highlighted the fishing industry’s contribution to the national productivity rate, noting that the revised government policy has picked up the declining fishing industry in the country.
The President also requested members of the parliament to make finalising the budget smooth and speedy, as it is a very important tool in economic growth.