Remittances by foreign expatriates in the Maldives was down 13 percent last year, the country's central bank statistics have shown.
According to Maldives Monetary Authority (MMA) annual report, a total USD108.7 million were sent abroad through the various remittance companies last year which is down 13 percent in comparison to 2015.
The report showed that the total remittances were dominated by expatriates with 83 percent while Bangladesh topped the list followed by India, Sri Lanka and Nepal.
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.
