The coalition government’s primary Maldivian Democratic Party (MDP) has on Sunday night publicized details for a potential income tax regulation in the country.
MDP aligned lawmakers and their supporters have staunchly lobbied for imposing income taxes, which current taxation laws do not include.
The tax regulation was publicized at a policy workshop the party held on Sunday night, for discussion ahead of introducing legislation in parliament.
Former MP Ilyas Labeeb, who won a ticket in MDP’s primary to contest the upcoming parliamentary elections, proposed the income tax regulation.
Labeeb proposed that the income tax threshold start at MVR 60,000 per month. The regulation seeks to tax individuals with an income between 60,000 and 100,000 a month, for 3.5 percent.
Individuals with income between MVR 100,000 and 150,000 a month, are to be taxed for 6.5 percent while individuals who earn between MVR 150,000 and 200,000 a month, are to be taxed for 10 percent.
Individuals who earn over MVR 200,000 a month should be taxed for no less than 15 percent of this amount, Labeeb proposed.
MDP will be accepting opinion on the regulation and proposed rates until 5th February. A total of 16 proposals were heard at Sunday's workshop.
The People’s Majlis will reconvene on February 7th, and parliamentary elections are scheduled for April 6th.
