The Maldives Inland Revenue Authority (MIRA) announced amendments to the Income Tax Rules requiring individuals and companies earning in foreign currencies, particularly U.S. dollars, to pay taxes directly in dollars. The changes, gazetted on Thursday, follow a cabinet decision made in August and are intended to increase dollar income in the economy.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
The changes, gazetted on Thursday, are part of the government’s effort to increase dollar income in the economy.
Word for word from the report in Maldives Republic. Open the report
The Cabinet decided that companies earning in dollars should pay taxes in dollars. Currently, corporate income tax is being paid in MVR in some cases. We will change this by amending the necessary laws and regulations
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
The decision to levy direct dollar tax on companies was made at a cabinet meeting held in August.
Word for word from the report in Maldives Republic. Open the report
