President ratifies bill to eliminate revenue stamps in the Maldives

Form with a revenue stamp | Photo: Addulive

Malé, Maldives – President Ibrahim Mohamed Solih on Monday, ratified the bill to eliminate the usage of revenue stamps

The bill was passed by the Parliament on Monday, 5 July 2021, at the 18th sitting of the second session of the People’s Majlis.

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 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 last Monday’s parliamentary sitting.

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.

Upon ratification, it has now been published in the Government Gazette and would come into effect from the ratification date.