Maldives Inland Revenue Authority (MIRA) has recorded a decrease of 4% in the amount of Remittance Tax received in the second quarter of this year.
The statistics of the second quarter showed that USD 1.754 million was received as Remittance Tax which is a four percent decrease compared to the same period last year, according to MIRA.
Remittance Tax is a tax imposed on money transferred out of the Maldives by foreigners employed in the Maldives. Remittance Tax collected at the rate of 3 percent of the remitted amount, came into effect on October 2016.
Foreigners employed in the Maldives refers to foreigners who have been issued a work visa pursuant to the Maldives Immigration Act and foreigners who are not allowed to work in the Maldives without a work visa, even though such visa has not been issued or the visa has expired.