The government has outlined its economic vision, emphasizing the growth of business opportunities and increased prosperity for its citizens. Minister of Cities, Local Government, and Public Works Adam Shareef Umar highlighted this vision while addressing a crowd in the R. Dhuvaafaru.
Minister Adam Shareef acknowledged the economic challenges faced by the nation when the current government took office. He highlighted the ongoing efforts to strengthen and revitalize the economy through the expansion of regional airports and the creation of business hubs across the country’s various atolls.
The Minister reiterated President Dr Mohamed Muizzu’s commitment to increasing the Maldives’ tax base as a means of supporting economic development and improving the nation’s finances. He explained that the government aims to increase tax revenue by expanding business opportunities and supporting the growth of existing Maldivian businesses. The goal, as stated by the Minister, is to empower citizens and reduce dependency on external sources.
“The President has emphasized the importance of expanding our tax base. By fostering business growth, we generate greater tax revenue for the state while simultaneously increasing the prosperity of our people,” remarked the Minister.
An expanded tax base means that more businesses and individuals contribute to the government’s revenue. This can provide greater financial resources for public services, infrastructure development, and economic initiatives that support the overall growth of the Maldivian economy. While the methods for increasing the tax base were not specifically outlined, this could involve measures such as broadening the types of income subject to tax, reducing exemptions, or improving tax collection efficiency.
