Maldives records MVR6.8 mln in remittance tax for first month

Maldives has recorded MVR6.8 million in remittance tax for the first month since it was introduced in October.

The government introduced a three percent remittance tax on on expatriate workers in October.

Under the new law, remuneration of all expatriate workers in the Maldives must be deposited in accounts of banks operated locally.

Employers that violate this rule will be penalised MVR 50,000.

According to central bank statistics, around USD400 million are remitted in expat salaries every year. The government expects to generate MVR56 million from remittance tax in 2016.