The People’s Majlis has passed a motion to have the revenue stamp system dissolved in the Maldives.

The motion was passed with the unanimous votes of 44 members who took part in the vote at Monday’s parliament sitting.

Upon coming into effect, the use of revenue stamps on official documents will be ceased across the country. The motion was submitted by MP for the central-Henveiru constituency Ali Azim, who noted that the revenue stamp system in place in the Maldives at present had been introduced in 1970.

He went on to state that the system is no longer practicable as it was in the past, as revenue collected is not adequate enough in comparison to the cost incurred in maintaining the revenue stamp system.

MP Azim added that the revenue earned from stamps were from different services being provided by state institutions across various sectors and stated that it would improve suitability for those doing business in the Maldives if the revenue stamp system was dissolved.

The motion to have the system of using revenue stamps become outdated, came under the incumbent administration’s Strategic Action Plan established with an aim to provide eases of doing business in the Maldives, as having to acquire revenue stamps are highly inconvenient for businesses when it can easily be replaced with a more modern and convenient system.