President signs GST bill into law

President Mohamed Nasheed has ratified the “Goods and Services Tax Bill” (GST), which was passed at Parliament’s 34th meeting of the term last Monday. The President signed the bill into law at a function on Fuvahmulah today.

The GST bill was published today in the government’s gazette.

The tax bill is divided by type of sale. Sales are defined as either tourism goods and services, or goods and services for sectors other than tourism.

The points addressed by the GST bill include collection, exemptions, duration of taxation, methods of calculation, and registration of taxable activities.