President Ibrahim Mohamed Solih has ratified the bill to repeal the Act regarding use of revenue stamps on official documents. The bill was passed by the Parliament of the Maldives on July 5, 2021.
The bill, which was submitted by majority leader Ali Azim, stated the cost of imposing the law on revenue stamps is not worth the income received by the government. The bill stated the income from revenue stamps could be obtained from other government services and fees, and that requiring businesses to obtain revenue stamps along with paying fees in order to request government services is an added challenge for them. Therefore, the bill stated its objective was to repeal the law requiring the use of revenue stamps in order to provide more leeway for businesses.
Upon ratification, it has now been published in the Government Gazette and would come into effect from the ratification date.