The World Trade Organization (WTO) has urged the Maldives to reform its tax and trading policies as it edges towards shedding its least developed country status, expected in 2011.
In order to react to the challenges faced by the territory, the WTO has urged the government to consider the creation of an attractive business environment for international investment and to establish a "viable tax structure". Diversification of the economy is also essential, the report noted.
The Secretariat report also stated that the Maldives’ tariff system remains unduly complex, and its level and structure is a major potential distortion to the allocation of resources and domestic efficiency, and an impediment to the competitiveness of the economy.
The report, along with a policy statement by the government of Maldives, represented the basis for the second Trade Policy Review of the Maldives by the WTO on October 26 and 28.
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