Ministry of Finance has revealed that it is holding discussions with the relevant authorities on increasing state revenue however it does not involve plans to increase the Goods and Services Tax (GST) and Tourism Goods and Services Tax (TGST).
The Finance Ministry stated that discussions are ongoing for means to increase state revenue but that it does not involve increasing the GST or Tourism Goods and Services Tax (TGST). The ministry stated that more information will be disclosed after the discussions have been concluded.
The government has estimated the state revenue to be received from newly implemented laws and regulations this year including the tax on plastic bags, leasing of new islands for resort development and real estate tourism, as well as selling a portion of newly reclaimed land to citizens. However, due to the current global economic turmoil and increasing debt, the government is looking for more ways to increase state revenue.
