Maldives stops using revenue stamps
11 ޖުލައި 2021 | އާދީއްތަ 12:05The bill received parliament approval on July 5
President Ibrahim Mohamed Solih ratified the legislation on Sunday
The government has abolished the use of revenue stamps on official documents.
President Ibrahim Mohamed Solih ratified the bill to repeal the act on the revenue stamp system on Sunday, following which it has been publicized in the government gazette.
Upon coming into effect, the use of revenue stamps on official documents have been ceased across the country.
The People’s Majlis passed the motion to have the revenue stamp system dissolved in the Maldives on July 5, during its 18th sitting of the second session of the year. 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The motion to have the system of using revenue stamps become outdated, came under the incumbent administration’s Strategic Action Plan established with an aim to provide eases of doing business in the Maldives, as having to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.
