The Maldivian government is in talks with the UAE to bring about an end to the double tax from the goods imported from UAE by Maldivian businesses.
UAE is the second largest source of imports into the country. the discussions to end the current “double taxation” is being coordinated at the Maldivian embassy in the UAE. In addition to the government officials of Maldives, the Economic Ministry and Maldives Inland Revenue Authority (MIRA) are also taking part in these discussions.
According to an official of the Economic Ministry, the discussions are currently underway and it could take some time to reach an agreement with the government of UAE. However, if and when an agreement is reached it would greatly benefit Maldivian businesses and the Maldivian economy as whole.
Abolishing double taxation of imported goods from different countries is one of President Yameen’s presidential pledges.
If the deal on ending double taxation is reached, UAE would be one of two countries where Maldives have come to an agreement that enables easy and fair trade among businessmen of the countries. In addition to this, the Maldivian government are in talks with the Chinese government to establish free trade among the two countries. The agreement that enables trade and import into the two countries without the payment of import duties or taxes would be signed before the end of the year.
While the discussions are underway with UAE, it is estimated that there has been an import of goods almost $330 million into the Maldives from UAE this year alone.