Its a good news for the citizens of Maldives and people living in Maldives. The new Government has announced to remove customs duty of diesel, essential food and medicines.

This was one of the promise which was given to the citizens of Maldives by the newly elected President, Mohamed Nasheed. The customs duty on Medicines is 5% right now, but I don’t know if it is for all medical related products like medical consumables, equipments and spares. Medical equipments customs duty is currently 20% which will really have some effect on the prices and can help in reducing the prices of the services in the health care industry. We need to get more information about the term essential food, which is awaited. There are no taxes or VAT in Maldives right now. The only add on cost to the goods imported in Maldives is the customs duty and its the major revenue for the Government. Exempting duty for essential commodities will surely reduce the cost of living in Maldives. I feel this is step which was really awaited by the citizens of Maldives.

Now the question is “How long will it take for the prices to be effective in the Market?’”. The advantage of this exemption should be realised by passing on the price reduction of the goods to the consumer.

This post was written by:

Kishore Asokan.
About Kishore - I have been working on different online projects for some time now. Making money online is my biggest challenge and to some extend I have succeeded. Visit Kishore Asokan's website to find out more.. Read other articles writtern by Asokan Kishore

Kishore On Digg | Kishore On Twitter | Kishore On Facebook | Kishore On Stumbleupon

Join for free
Earn from Home, Submit Articles and earn money

Wordpress Plugin For PAP