Income Tax Act

Law that introduced income tax in the Maldives on 1 January 2020, replacing previous tax acts.

The Income Tax Act (Law Number 25/2019), effective January 1, 2020, introduced income tax in the Maldives, replacing the Business Profit Tax Act and the Commercial Bank Profit Tax Act. It established progressive individual rates and a flat 15% corporate rate (25% for banks), enforced by the Maldives Inland Revenue Authority (MIRA).