Maldives Amends Tax Rules to Mandate Dollar Payments for Foreign Currency Earners

The Maldives Inland Revenue Authority (MIRA) amended the Income Tax Rules to require individuals and companies earning in foreign currencies, particularly US dollars, to pay taxes in dollars. The changes were gazetted on Thursday and take effect for tax statements submitted after October. The decision was made at a cabinet meeting in August. Attorney General Ahmed Usham stated that companies earning in dollars will no longer be allowed to pay taxes in Maldivian Rufiyaa. The measure aims to increase dollar income and stabilize foreign reserves.

The Maldives Inland Revenue Authority (MIRA) amended the Income Tax Rules to require individuals and companies earning in foreign currencies, particularly US dollars, to pay taxes in dollars. The changes were gazetted on Thursday and take effect for tax statements submitted after October. The decision was made at a cabinet meeting in August. Attorney General Ahmed Usham stated that companies earning in dollars will no longer be allowed to pay taxes in Maldivian Rufiyaa. The measure aims to increase dollar income and stabilize foreign reserves.

The Maldives Inland Revenue Authority (MIRA) amended the Income Tax Rules to require individuals and companies earning in foreign currencies, particularly US dollars, to pay taxes in dollars. The changes were gazetted on Thursday and take effect for tax statements submitted after October. The decision was made at a cabinet meeting in August. Attorney General Ahmed Usham stated that companies earning in dollars will no longer be allowed to pay taxes in Maldivian Rufiyaa. The measure aims to increase dollar income and stabilize foreign reserves.

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