First Round of Maldives-Singapore Talks Ends

Maldives and Singapore have ended the first round of talks to abolish double taxes on trade between the two nations.
The discussions were held from the 9th to the 12th of this month.

Maldives was represented by Deputy Commissioner of Taxation Hassan Zareer. Chia-Tern Huey Min, Deputy Commissioner – International, Investigation and Indirect Taxes Group represented Singapore in the discussions.

Once firmly established, the agreement would facilitate a halt to the imposition of double taxation on one transaction. Maldives Inland Revenue Authority (MIRA) added that this would also facilitate exchange of information regarding taxes between the two nations.

During the past five years the Maldives had entered several agreements with regional parties, including China and Hong Kong. The most notable of all is the Free Trade Agreement with China, which is expected to come into effect soon.

Industry experts, including high ranking Government officials had noted that this was a step in right direction for the Maldives. Economic Minister Mohamed Saeed had noted this was especially vital, as it opened up the country to a broader market, adding that we have to expand our product offerings to include value addition.

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