China FTA Not to Blame for Import Duty Revenue Decline: Minister Saeed

Economic Minister Mohamed Saeed said the decline in import duty revenue is not linked to the China FTA, stating only MVR 2.3 million was waived under the FTA out of MVR 1 billion imports (1% of total). Import duty revenue fell MVR 246 million compared to the same period last year, and total government revenue fell MVR 874 million. The government plans to boost revenue via import duty revision, expecting higher duties on cigarettes to generate additional MVR 1 billion. Saeed noted the FTA benefits import-dependent Maldives by lowering costs for sectors like the guesthouse industry.

Economic Minister Mohamed Saeed said the decline in import duty revenue is not linked to the China FTA, stating only MVR 2.3 million was waived under the FTA out of MVR 1 billion imports (1% of total). Import duty revenue fell MVR 246 million compared to the same period last year, and total government revenue fell MVR 874 million. The government plans to boost revenue via import duty revision, expecting higher duties on cigarettes to generate additional MVR 1 billion. Saeed noted the FTA benefits import-dependent Maldives by lowering costs for sectors like the guesthouse industry.

Economic Minister Mohamed Saeed said the decline in import duty revenue is not linked to the China FTA, stating only MVR 2.3 million was waived under the FTA out of MVR 1 billion imports (1% of total). Import duty revenue fell MVR 246 million compared to the same period last year, and total government revenue fell MVR 874 million. The government plans to boost revenue via import duty revision, expecting higher duties on cigarettes to generate additional MVR 1 billion. Saeed noted the FTA benefits import-dependent Maldives by lowering costs for sectors like the guesthouse industry.

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