Faris Pledges to Reduce GST to 3%

Independent presidential candidate Faris Maumoon has announced a proposal to decrease the Goods and Services Tax (GST) rate to 3%. 

Faris stated that the current GST rate places an economic burden on individuals who are financially vulnerable. 

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He advocated for a more equitable distribution of tax responsibilities, suggesting that those with greater financial means should shoulder a larger portion of the tax burden. 

While acknowledging that reducing the GST rate from its current 8% to 3% would result in a government revenue decrease exceeding USD162 million, he underscored the necessity of exploring alternative avenues to offset this potential loss.

Moreover, Faris raised concerns regarding excessive expenditures within diplomatic circles and the fiscal imprudence associated with certain political roles. He underscored the significance of mitigating the economic strain imposed by these roles on the nation’s finances. 

As part of his commitment to financial management, he pledged to curtail unnecessary spending and bolster state revenues throughout his tenure. Notably, he articulated his long-term aspiration to ultimately bring the GST rate down to zero percent.