Income tax policy will help bridge wealth gap: MMA governor
Governor Naseer said this at a press conference on Thursday
MMA governor Ahmed Naseer
Central bank Maldives Monetary Authority’s governor, Ahmed Naseer, has expressed support for imposing income taxes in the Maldives.
Governor Naseer said this at a press conference on Thursday, where he said he believes it will help bridge the wealth gap and bolster the economy.
The government coalition’s Maldivian Democratic Party proposed a draft legislation on introducing an income tax regulation.
This legislation was included in their manifesto for April’s parliamentary election, in which the party acquired a strong majority.
The proposed income tax threshold starts at MVR 60,000 per month. The regulation seeks to tax individuals with an income between MVR 60,000 and MVR 100,000 a month, for 3.5 percent.
Individuals with an income between MVR 100,000 and MVR 150,000 a month, are to be taxed for 6.5 percent while individuals who earn between MVR 150,000 and MVR 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, the draft legislation proposes.
