Use of revenue stamps come to an end after 51 years

President ratifies bill to repeal the Act regarding use of revenue stamps on official documents

President Ibrahim Mohamed Solih Sunday ratified the bill to repeal the Act regarding the use of revenue stamps on official documents.

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, and the bill was passed by the Parliament on 5 July at the 18th sitting of the second session of the People’s Majlis.

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.

Upon ratification, the bill has now been published in the Government Gazette and would come into effect from the ratification date.