President sends Tourism Goods and Services Tax Bill and Banking Bill to People’s Majlis

President Mohamed Nasheed has sent Tourism Goods and Services Tax Bill and Banking Bill to the People’s Majlis.

Objective of Tourism GST Bill is to increase the income of the state and strengthen the country’s economic and monetary system. The Bill proposes mechanisms for charging a tax on goods and services sold to tourists from resorts, hotels, guest houses, picnic islands, tourist vessels, and other services provided to tourists in the Maldives.

Banking Bill states procedures for issuing commercial banking license, regulation and supervision of banks, appointing conservators and receivers, and insolvency of banks.