Business head cautious over president’s cost-cutting plans
02 May 2011, 2:51 PM
Neil Merrett
President Mohamed Nasheed has outlined tax reforms he claims will help to eventually alleviate concerns over the higher costs of goods and services at the heart of protests that have raged in Male’ over the last two days.
Beyond announcing that May 1 would now serve as a public holiday every year in celebration of International Labour Day, the president aso attempted to outline government plans for economic reform.
Speaking yesterday during a function to mark Labour Day, Nasheed unveiled plans to try and reduce costs for “everyday items” by between 10 to 15 percent by removing import duties, which the government estimates account for Rf2.3bn of budgeted state income during 2011.
The president said he believed these costs can be covered by tax reforms; both on the earnings of members of the public with a monthly wage of over Rf30,000 a month and increasing taxable income from the tourism industry.
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