Finance Minister Ibrahim Ameer has stated that the bill on introducing Income Tax to the Maldives will be sent to the parliament within the month.
Speaking on 'Raajje Miadhu' program on TVM, Minister Ameer said while the bill will be sent to the parliament soon, discussions on the Tax Laws are currently ongoing among relevant authorities.
"The bill is ready. We are currently sharing the Income Tax law with the stakeholders and getting their feedback and legal opinions, and debating on it", said Minister Ameer.
An income tax is a tax imposed on individuals or entities that earn above a certain amount with respect to their income and profits.
According to the draft prepared by main ruling Maldivian Democratic Party (MDP) on enforcing income tax, tax will be charged on those who earn above MVR 60,000 per month, with a 3.5% tax being imposed on those that earn between MVR 60,000 - 100,000. Those earning between MVR 100,000 - 150,000 will be subjected to tax at the rate of 6.5% while those earning between MVR 150,000 - 200,000 will have to pay a 10% tax on their income. A tax of 15% will be imposed on those earning above MVR 200,000.
