The Maldives President on Tuesday has ratified the newly approved Income Tax bill.
Earlier, the bill was given Maldives parliament approval during the 75th session of the third term of 2019 – on 04 December.
As such, the Income Tax bill of Maldives implements a system of levying taxes on the income generated by individuals.
Moreover, the Income Tax will be levied under five tax brackets which include;
- 0% taxation on individuals with earnings less than and up to 720,000 per annum
- 5.5% taxation on individuals with earnings between 720,000 and 1,200,000 per annum
- 8% taxation on individuals with earnings between 1,200,000 and 1,800,000 per annum
- 12% taxation on individuals with earnings between 1,800,000 and 2,400,000 per annum
- 15% taxation on individuals with earnings equal to and above 2,400,000
According to the bill, tax-based incomes to banks will have a tax rate of 25%.
