The central bank of Maldives, Maldives Monetary Authority (MMA) has suggested to plan, research and announce any taxes that are to be introduced three years before it is introduced.
MMA suggested this in their recommendations to the Peoples’ Majlis regarding the state budget for 2015.
MMA stated that introducing various taxes with the budget every year will be an impediment against business plans of investors and traders. The authority suggested that a period of three years should be given before introducing any tax because if not it might cause damages to many businesses.
MMA also recommended to reduce the state expenditure and reducing the number of members of the Peoples’ Majlis and the councilors.
The central bank furthermore stated that the budget proposed for the coming year has achieved remarkable achievements compared to this year’s budget.
MMA suggests to announce three years prior before introducing any new tax
