Malé, Maldives – The parliamentary committee has passed the bill to eradicate revenue stamps. The bill will now be passed to the floor for debate.
Bill presented to the Maldives Parliament to nullify the Revenue Stamp Act (4/70) was sent to Committee for further investigation on 14 April 2021.
The bill was presented to the parliament by the MP of Malé Medhu Henveyru constituency and MDP majority leader Ali Azim.
The Revenue Stamp Act was passed on 12 April 1970 and has been implemented since. However, the government states that the cost of the stamps no longer justify the profits and the government earns an adequate profits from application fees excluding revenue stamps.
Businesses face much difficulty in buying revenue stamps and the administrative processes will be faster and more streamlined if the requirement for stamps is abolished according to the government.