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Maldives Parliament approves 15% import duty on apparel

April 22, 2014 (Maldives )

The Parliament of the island-nation of Maldives has approved amendments to the Export-Import Act, which once ratified by the President, will levy a 15 percent tariff on import of apparel and clothing accessories.
 
The amendment bill to the Export-Import Act has been proposed by the Government as part of its revenue raising measures, and seeks to reverse the 2011 decision of former President Mohamed Nasheed’s decision to reduce or exempt import duty on various products.
 
The proposed amendment bill has been passed by the People’s Majlis with 34 votes in favour and 19 against, according to Minivan News.
 
The bill now needs to be ratified by President Abdulla Yameen before the new import duties can be levied on altogether 21 product categories.
 
As per the amendment bill, a 15 percent tariff will be levied on import of articles of apparel and clothing accessories, silk, wool, woven fabrics, cotton, man-made filaments, special yarns, carpets and other textile floor coverings, lace, tapestries, trimmings and embroidery.
 
According to Maldives Customs Service, the country imported 7.1 billion rufiyaa worth of goods in the first quarter of 2014, which is an 11 percent increase to the same period of last year.
 

Fibre2fashion News Desk - India

 
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