Income Tax Act has become effective in Maldives from January 1.
While the tax act has become effective, the Income Tax regulation had been gazetted. The regulation indicates processes and procedures of actions regarding Income Tax, including registration of tax payers and the process of submitting tax statements.
Although Income Tax Act has become active, tax from salaries will be effective starting from April 1. As the Income Tax Act became active, Remittance Tax and Land Sales Tax will now be ceased.
Maldives Inland Revenue Authority (MIRA) revealed that the parties already registered do not require another registration. Employees eligible for the tax will have to be registered at MIRA by employers, according to the new regulation.