The government has submitted the Income Tax bill to the parliament.
The bill was submitted by Ungoofaaru MP Mohamed Waheed on behalf of the government. The first reading of the bill was heard during Tuesday's parliament sitting.
Finance Ministry said Income Tax will be imposed next year, and revealed that it is estimated that around 6000 individuals will be eligible to pay the tax. An yearly revenue of over MVR 680 million is expected through Income Tax, said the ministry.
According to the bill submitted by the government, Income Tax will be imposed on those earning over MVR 40,000 per moth. While 8% will be charged as Income Tax on those earning between MVR 40,000-60,000 , 10% will be imposed on those earning between MVR 60,000 - 100,000. 15% will be charged on those earning over MVR 100,000
While the government has proposed to impose Income Tax on those earning over MVR 40,000, the tax threshold proposed by main-ruling Maldivian Democratic Party's 'Agenda 19' manifesto is MVR 60,000.