Income tax bill heading to Parliament this month

Source: Avas

The Minister of Finance, Mr Ibrahim Ameer has stated that a bill regarding income tax will be heading to the Parliament this month.

Mr Ameer made his statement while speaking on a local TV channel. He went on to state that before the bill goes to the Parliament at month’s end, they are currently consulting relevant experts to fine tune it.

The Minister also stated that stakeholders are also being consulted and the details of the bill are being debated before submission.

Income tax that has been one of this government’s goals and the bill is expected to be presented to the ongoing 19th iteration of the Parliament.

The tax is stated to be levied at individuals who earn more than MVR60,000 per month.

According to the campaign promises made by the ruling party, individuals who earn between MVR60,000 and MVR100,000 per month will be taxed at a rate of 3.5% while a tax of 6.5% will be levied towards individuals who earn between MVR100,000 and MVR150,000 per month.

Additionally, there will be a 10% tax levied at individuals who earn between MVR150,000 to MVR200,000 a month and a 15% tax to those who earn more than that on a monthly basis.