The Maldives Parliament has passed a motion to discontinue the use of revenue stamps.
The Revenue Stamp Act that mandates the use of revenue stamps has been in effect in the Maldives since 1970. A motion was submitted at the parliament proposing to nullify the act by Central Henveiru MP and Majority leader Ali Azim. The Parliament's Committee of the Whole House approved to repeal the act earlier this month.
In the vote taken on the Parliament floor on Monday regarding the motion, 44 parliamentarians voted in favor of repealing the law. No members voted against the motion.
The motion submitted by MP Azim said the cost of implementing the Revenue Stamp Act was not feasible when compared to the revenue generated by it. It further said that the revenue generated from the stamps can be generated through other services and fees. Requiring businesses to obtain revenue stamps in addition to paying the due fees and other payments causes difficulties for businesses, it further said.
