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NewsBill passed to tax offshore booking platforms and tour operators
The Maldives Parliament passed a bill to tax offshore booking platforms and foreign tour operators starting October 1. The legislation applies GST to all goods and services provided in the country, regardless of the provider's physical location. This move aims to implement a "destination principle" for taxing inbound tourism products.
BusinessGovernment earns USD 976.6 million in revenue
The Maldives collected $976.6 million in revenue by July, an 8.7% increase from last year driven largely by tourism taxes. Despite record collections, the country faces a severe foreign exchange crisis. The dollar rate on the black market has hit an all-time high of MVR 22.60 amid concerns over government spending and past monetary policy.