Finance Ministry to Present 2024 State Budget 

The Finance Ministry is set to present the proposed state budget for next year on Thursday, announced Deputy Speaker Ahmed Nazim.

Speaking at a joint meeting of the Public Accounts Committee and the Economic Committee, yesterday, Nazim confirmed that Speaker Abdul Raheem Abdulla has scheduled a sitting for the budget presentation.

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During the session, Nazim also submitted a motion advocating for the completion of the review of four tax increase bills by the end of Monday. This motion, aimed at expediting the government’s legislative agenda, passed with a 16-3 majority vote.

The four bills, introduced by the government last week, propose doubling the Green Tax and increasing the Tourism Goods and Services Tax (TGST), the Airport Departure Tax, the Airport Development Fee, and taxes on tobacco products.

Additionally, the Finance Ministry has submitted a supplementary budget proposal of MVR 5.1 billion, which would bring this year’s total budget to MVR 55 billion.