The Ministry of Islamic Affairs has announced changes to the wealth threshhold that makes one liable for Islamic charity, zakat.
The threshhold, called nisaab, has been lowered to MVR 4,861.15. This threshhold stands from June 3rd, onwards.
The ministry had changed the nisab amount last February as well. In February, the nisab was increased from MVR 4950.15 to 5033.70.
Nisaab on zakat of goods and merchandise is set to the price of gold and silver. Since 2016, the amount is set in the Maldives by tax authority, the Maldives Inland Revenue Authority.
Individuals that have assets amounting to the nisaab amount are liable to pay zakat.
The state has thus far received 14.6 million as zakat of goods, thus far this year. It had received a total of MVR 63.3 million last year.
