Finance Minister Moosa Zameer has said that the Maldives’ tax system has made significant progress through work with international partners. The Minister said this while inaugurating and speaking at the 8th Asia Initiative Meeting on Establishing a Transparent Tax System, organized by MIRA. Speaking at the meeting, the Finance Minister highlighted the importance of capacity building, collaboration, and inclusive consultations as a member of the Global Forum. Minister Zameer also expressed confidence in achieving sustainable progress in facing future challenges through the power of collaboration and strong leadership.
“We can now solve the current issues in the system and establish a robust governance system. The system will be both robust and equitable. The collaborative work with international partners in the tax sector is revolutionary. This ensures the integrity of the tax system,” said the Finance Minister. As countries are reshaping their economic policies due to the current global economic situation, Minister Zameer also shed light on steps that could be taken to strengthen the Maldivian economy.
Minister Zameer said that the Maldivian economy is based on tourism, and the Maldives has made notable progress in recovering from the COVID-19 pandemic. Last year, the tourism industry contributed 13.8 percent to the GDP, while a record number of 2 million tourists visited the Maldives.
According to Minister Zameer, the Ministry of Finance has developed a medium-term revenue strategy in collaboration with revenue administration agencies. The objective of this strategy is to strengthen current revenue policies, increase domestic revenue, and reduce reliance on external debt. “Having a transparent and robust tax system is essential for climate change adaptation and financing crucial sectors such as education, health, and infrastructure development,” said Minister Zameer.
Minister Zameer stated that international cooperation is very important at this time when digital technology is advancing and global financial flows are increasing. He also emphasized the importance of information sharing to prevent tax evasion and illegal money outflows. The Minister participated in this meeting and inaugurated the third edition of the “Tax Transparency in Asia” report.”
