President Ibrahim Mohamed Solih on Tuesday ratified the first amendment bill to the Income Tax Act (Act no: 25/2019). The amendment to the act was passed by the Parliament on July 8, 2021, at the 21st sitting of the second session of the Parliament this year.
The amendment to the Income Tax Act ratified today include imposing an income tax on temporary residents in the Maldives who earn wages. It also outlines details on how to calculate employee withholding tax, and the special exemptions given upon paying income tax, along with additional details that give further elaboration to the Income Tax Act.
The Income Tax Act was initially passed on December 17, 2019.
Upon ratification, the amendment has been published in the Government Gazette and has now come into effect.