Male’, Maldives – President Ibrahim Mohamed Solih this morning ratified the first amendment bill to the Income Tax Act to impose income tax on temporary residents in Maldives who earn wages.
While the Income Tax Act was initially passed on December 17, 2019, the first amendment was passed by the Parliament on July 8, 2021, at the 21st sitting of the second session of the Parliament this year.
Under the new amendment, the government will be imposing income tax on temporary residents in the Maldives who earn wages. It also provides details on how to calculate employee withholding tax, and the special exemptions given upon paying income tax, along with additional details that give further elaboration to the Income Tax Act.
The new amendment has been published in the Government Gazette and is effective from today onwards.
