Officials from Maldives Inland Revenue Authority (MIRA) have held an information session on income tax for judges of the High Court.

The information session on income tax held on Saturday was attended by Chief Judge Shujau Usman, Judge Abdulla Hameed, Judge Shuaib Hussain Zakariyya, Judge Abdul Rauf Ibrahim and Judge Mohamed Niyaz.

Director General of MIRA's Medium Taxpayer Audit, Moosa Haleem and Director of MIRA's Technical Division Yoosuf Shiraz facilitated the information session on income tax regulations.

This among one of MIRA's many efforts to create awareness about the income tax legislation that came into effect on January 1st 2020.

MIRA has stated that the authority raises public awareness regarding income tax via social media and has even answered queries sent through MIRA's portal.

The People’s Majlis passed the Income Tax Bill on 4 December 2019 and President Ibrahim Mohamed Solih ratified the income tax bill on December 17th 2019. Although the bill came into effect on January 1st, income tax will be deducted from wages after April on wards.

As per the bill, the tax rates are zero percent for those who earn less than MVR 60,000, 5.5 percent for those who earn between MVR 60,000 and MVR 100,000, eight percent for MVR 100,000 - MVR 150,000, 12 percent for MVR 150,000 to MVR 200,000 and 15 percent for those who earn over MVR 200,000.

The new law also enforces Business Profit Tax and Bank Profit Tax and abolishes the Land Sales Tax, Tax levied from the revenue of Petroleum Companies and the Remittance Tax.