Minister of Finance Ibrahim Ameer has stated the income tax bill will be submitted to parliament before the end of the month.
Speaking to PSM News, Minister Ameer revealed currently seeking recommendations from the relevant authorities are underway, following the drafting of the bill.
The drafted income tax bill proposes to enforce a 3.5% income tax from citizens receiving between USD 3,885 and USD 6,475 and 6.5% income tax from citizens receiving between USD 6,475 and USD 9,713.
It is a pledge of President Ibrahim Mohamed Solih to introduce income tax to Maldives. Delivering the presidential address, President Solih spoke on the introduction of an income tax bill. Speaking in this regard, he highlighted the economy has gained significant growth following the introduction of the tax system.