From the start of this year Income tax becomes a law and started to be taken from eligible people. This is the first time income tax became law and started to be taken from the people of Maldives.
On December 17th President Ibrahim Mohamed Solih declared the income tax bill as law and every income apart from the monthly salary will be subjected to the income tax bill and will be subjected to pay the tax to the government.
From today onwards, from business to raw materials, products are given on rent, retirement pension, technical services commissions, etc, income tax will be subjected to and taken.
If the income exceeds MVR60,000 then from that amount, income tax will be taken. Before the bill being drafted, it was written as MVR40,000 as a minimum bandwidth but later on, it was changed.
If your income is between 60,000 – 100,000 a 5.5% will be taken as income tax from the amount. Likewise, if your income is between 100,000 – 150,000 it will be 8% and 150,000 – 200,000 will be12%. Lastly, if the income is above MVR200,000 it will be 15%.
