The Maldives Association of Travel Agents and Tour Operators (MATATO) has issued a statement clarifying its position on the proposed amendments to the Goods and Services Tax (GST) law. Contrary to recent misconceptions, MATATO is not opposed to the collection of tax in United States Dollars (USD). The association stresses that its main concern is to ensure that the implementation of these reforms is in line with the practical realities of the tourism industry.
MATATO emphasizes that collecting taxes in US dollars on US dollar revenues is essential and is a change that will significantly boost the economy. This clarification is intended to clear up any confusion and reaffirm MATATO’s support for the proposed fiscal changes.
MATATO recognizes the importance of effective fiscal policy and the need for reforms to strengthen revenue collection and address inefficiencies within the system. The organization believes the time is ripe to implement these long-needed reforms and fully supports the government’s broader fiscal objectives.
MATATO will continue to work collaboratively with the government to ensure that any changes to the GST law are implemented in a manner that benefits the Maldivian economy while protecting the interests of the tourism sector. The Association looks forward to continuing dialogue and collaboration with all stakeholders to achieve these shared goals.
MATATO expressed its support for President Mohamed Muizz’s forward-thinking vision and strategic approach to improving the current economic situation of the Maldives. The organization supports the government’s efforts to implement a comprehensive fiscal reform agenda aimed at reducing recurrent expenditure and introducing cost-saving measures to ensure the financial stability and sustainability of the Maldivian economy.
MATATO is committed to working towards achieving the President’s goals for the development of the tourism industry and the country as a whole.
