Malé, Maldives – The Parliament on Monday, passed the bill to eradicate the use of revenue stamps.
The bill to eradicate revenue stamps was passed at today’s parliamentary sitting with the voted of all 44 members that participated in the vote.
The parliamentary committee previously on 1st June, investigated and approved the bill to eradicate revenue stamps. The bill wass passed to the floor for debate on Monday’s parliamentary sitting.
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.