GST rises to six percent as revised import duties come into force

The General Goods and Services Tax (G-GST) passed by parliament last year rose to six percent from 3.5 percent yesterday while import duties were lowered or eliminated for a range of commodities starting on January 1, 2012.

The Tourism Goods and Services Tax (T-GST) was meanwhile raised to six percent for 2012 as stipulated in the GST Act.

Under the tax legislation approved last year, items with GST rate set at zero percent for which import duties have now been eliminated include rice, flour, sugar, salt, milk, cooking oil, eggs, tea, fish products, onions, potatoes, fruits and vegetables, baby food, diapers, gas, diesel and petrol.


Galana to supply 1.02 million barrels of jet fuel

Galana Petroleum has won a tender to supply 1.02 million barrels of aviation fuel to the Maldives, reports Reuters.

The deal with the Middle Eastern petroleum company will see the Maldives paying a “premium” price of $3.59 a barrel, Reuters reported.

Other potential suppliers included the Emirates National Oil Company (ENOC) and European firm Vitol.