The Sixth Amendment to the Goods and Services Tax Act (Law Number 20/2022) has been ratified by the President of the Maldives and published in the Government Gazette on 22 November 2022.
As per the Amendment, the GST rate change will be effective from 1st January 2023. This means that the GST rate for goods and services provided for which the time of supply falls on or after 1st January 2023 will be 8% for the General Sector and 16% for the Tourism Sector.
The time of supply for a particular supply is either the time at which an invoice is raised or the time at which the payment is made for the transaction, whichever occurs earlier.