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Maldives: President ratifies amendments to taxation acts

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The Maldives Inland Revenue Authority announced that the President has ratified Acts Nos. 20/2024, 21/2024, and 22/2024, amending the Goods and Services Tax (GST) Act, the Maldives Tourism Act, and the Airport Taxes and Fees (ATF) Act, respectively.

 

Under these amendments, the GST rate for tourism sector goods and services will increase from 16 percent to 17 percent effective July 1, 2025. Effective November 5, 2024, goods and services sold in cafes exclusively serving employees at authorized tourist establishments will be subject to an 8 percent GST rate

 

New departure tax and airport development fee rates will take effect on December 1, 2024. Registered persons may request refunds for any excess tax collected if it is subsequently refunded to the passenger.

 

Furthermore, new green tax rates will be effective from January 1, 2025, with an exemption for children under the age of two.

 

All the amended laws enter into force on November 5, 2024.

 

 

 

Source: Maldives Inland Revenue Authority

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VAT/GST rates 2024 in Asia

Country Standard VAT/GST Rate Reduced Rates
Armenia The standard VAT rate is 20%.
Azerbaijan The standard VAT rate is 18%.
Bahrain From January 1, 2022, the standard VAT rate is 10%.
Bangladesh The standard VAT rate is 15%. 10%, 7.5%, 5%, 2,4%, 2%
Brunei There is no VAT in Brunei.
China The standard VAT rate is 13%, 9%, 6% Reduced rates of 5%, 2%, 3%, 1.5% and 0.5%.
UAE VAT is charged at 5% in the United Arab Emirates (UAE)
Georgia The standard VAT rate is 18%
Hong Kong There is no VAT or sales tax in Hong Kong.
India The primary rates of Indian GST are 0.25%, 1.5%, 3%, 5%, 12%, 18% and 28%
Indonesia The standard VAT rate is 11%
Iraq There is no VAT in Iraq. (The standard sales tax ranges from 10% to 300% on alcohol & tobacco)
Israel The standard VAT rate is 17%
Japan The standard (Consumption Tax) rate is 10% 8%
Kazakhstan The standard rate of VAT is 12%
South Korea The standard VAT rate is 10%
Kuwait There is no VAT in Kuwait
Laos The standard VAT rate is 10%
Lebanon The standard VAT rate is 11%
Malaysia On September 1, 2018, the Government of Malaysia replaced the Goods and Services Tax (GST) with a 10% Sales Tax (The standard rate of service tax is 8%) 5% (Sales Tax), 6%
Oman the standard VAT rate in Oman is 5%
Pakistan Pakistan does not have VAT. The standard sales tax rate is 18% Pakistan has a large number of reduced sales tax rates, including 1%, 2%, 5%, 10% and 12% (among others).
Philippines The standard VAT rate is 12%
Qatar There is no VAT in Qatar
Russia The standard VAT rate is 20% 10%
Saudi Arabia VAT is charged at 15%
Singapore The standard Goods and Services Tax (GST) rate is 9%
Sri Lanka The standard VAT rate is 18%
Taiwan The standard VAT rate is 5%
Tajikistan The standard VAT rate is 14% 10%, 7%, 5%
Thailand The standard VAT rate is 7% (Reduced from the standard 10% until 30 September 2024)
Turkey The standard VAT rate is 20% 10%, 1%
Uzbekistan The standard VAT rate is 12%
Vietnam The standard VAT rate is 8% Reduced VAT rate is 5%
*These rates are only indicative. Please use at your own discretion. Last update: 26/08/2024

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