Business

The People’s Majlis has finalised to exempt duty from diesel

The People’s Majilis has finalized the amendment to the import-export laws sent in by the government, to completely discontinue the collection of duty from diesel on the 12th of December. The amendment was sent in by the MP of Th. Thimarafushi Mr. Mohamed Musthafa, and was passed under the agreement of 60 MP’s who participated in the voting.

The amendment consisted of a plea to abolish the import duty from diesel being sold for use in fishing boats and to those who produce electricity. The current electricity suppliers in the Maldives are STELCO and Fenaka Corporation. Along with abolishing duty from diesel, it is necessary to reduce the prices of electricity and diesel offered to the fishermen to a great extent, as stated by many members who supported the amendment.

It also declared that the duty can only be excused when an appeal is sent to Maldives Customs Service requesting for this. In addition to this, the amendment also affirms that the rules for exempting the duty should be clearly stated in the laws. The law can only be implemented after the president confirms his seal of approval and it is proclaimed in the Gazette.

The main reason for the exception of duty is due to a first 100-day pledge made by the president to reduce the number of expenses by fishermen in order to do their job within a month of his reign. In addition, there’s a 272 million rufiyaa specified for reducing the price of electricity in the state budget of 2019. The law will be implemented after the president.

Full details are available at the link below:

Source URL: Corporate Maldives

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