Luxury vessel importers save MVR 7.8 m following import duty abolition

Four luxury vessels have been imported to the country since the abolition of import duty on luxury vessels, Maldives Customs Service has said.

The amendment to the Export Import Act effective 1 April 2015 to abolish the 25 percent import duty on luxury vessels, meant total a reduction in the price of the four vessels of MVR 7.8 million.

Senior Superintendent of Maldives Customs Service Ahmed Niyaz told Sun Online that the four vessels, brought in for the tourism industry, were worth MVR 31 million in total.

The amendment to the Export Import Act saw the abolition of import duty on two items, and the increase in import duty on ten items.