Will attain MVR 1.5b per year with hike in duties for cigarettes: Customs
The duty changes are expected to bring a MVR 500 hike to duties
Maldives Customs Service
Maldives Customs Service has estimated that the state will receive up to MVR 1.5 billion in duties for cigarettes on a yearly-basis, following the amendments to import duties charged for cigarettes.
Speaking on RaajjeTV’s Fala Suruhee programme, Deputy Section Head of Tariff and Statistics, Ali Zubair revealed that one third of the import duty collected by the state comprises of duties collected for cigarettes and that out of the MVR 3.4 billion collected as import duty for 2019, MVR one billion was duties for cigarettes.
Zubair revealed that if the state was to import the same number of cigarettes as last year, it will collect MVR 500 million more than the previous year, with the current changes.
He further added that the duty for cigars has shot up to MVR three with a 25 percent value rate, with a 200 percent duty rate set for e-cigarettes and vape as well as vape liquid.
While President Ibrahim Mohamed Solih ratified the 17th amendment to the act on July 22, it is being implemented from the start of the ongoing month.
The amendment saw a hike in duties for products that are injurious to health including cigarettes, vape, cigars as well as energy drinks.
