Minister of Finance and Planning Moosa Zameer has said that building a transparent and equitable tax system is essential for sustainable development, particularly in addressing climate change and financing key public sectors such as education, health, and infrastructure.

He made these remarks while speaking at the 8th Asia Initiative Meeting on Transparent Tax Systems, held at the Villa Nautica resort with participation from 17 Asian countries. The forum, part of the Organisation for Economic Cooperation and Development's (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, provides a platform for regional collaboration on combating tax evasion and strengthening revenue systems through greater transparency.

Reflecting on the Maldives’ own progress, Minister Zameer noted that the country has achieved significant improvements in tax administration through its cooperation with international institutions. He described these partnerships as transformative, crediting them with helping to build a system that is not only more robust but also fair and inclusive.

The Minister emphasised that such progress has been made possible through consistent capacity building, inclusive policy dialogue, and strong regional collaboration. He added that teamwork and leadership remain crucial as countries confront growing fiscal challenges, particularly in the context of global economic uncertainty.

Touching on the broader economic landscape, the Minister highlighted the resilience of the Maldivian economy following the COVID-19 pandemic. He noted that tourism continues to be the backbone of the economy, contributing 13.8 per cent to GDP in 2024, with a record two million visitors.

To support long-term fiscal sustainability, he said the Ministry of Finance has developed a medium-term revenue strategy in partnership with tax authorities. The strategy focuses on strengthening existing tax policies, increasing domestic revenue mobilisation, and reducing reliance on foreign debt.

Additionally, the Minister stressed that with rapid digitalisation, preventing tax evasion and curbing illicit financial transactions requires timely information sharing, international cooperation, and common standards across borders.