Maldives follows Singapore and increases goods and services tax in 2023.
On November 22, 2022, the Maldives ratified the 6th Amendment to the Maldives Goods and Services Tax Act (Law no. 20/2022), which increased GST rates from January 1, 2023.
The General Sector Goods and Service Tax (GGST) will increase from 6% to 8%, while the Tourism Sector Goods and Services Tax (TGST) will increase from 12% to 16%. The government expects to generate an additional $63 million from GGST and $137 million from TGST, for a total of over $200 million in anticipated revenue. This additional income is expected to help the government manage rising debt interest and global inflation costs.
Use our Maldives’s GST calculator for GGST and TGST calculation. Calculator is updated with the latest GST tax rates.