K. Male' | Aala Ibrahim | 17-January-2017 | Tuesday 21:51 | aalu_aala | Business | 1,550
Maldives Inland Revenue Authority (MIRA) has announced amendments to the Remittance Tax regulation.
According to MIRA, the amendments were made to prevent fraud.
The amendment which was announced on Monday states, if an expatriate’s money is being transferred abroad on his behalf by a dependent Maldivian, Remittance Tax has to be paid on behalf of that expatriate.
It also states that the Remittance Tax would be taken on cash withdrawals abroad from a pre-paid cash card issued by a bank operated in Maldives.
According to the amendment, action will be taken against those who commit tax fraud. Remittance Tax fraud would result in a fine equal to the amount transferred abroad.
While a huge portion of foreigners’ earnings are sent abroad, Remittance Tax law which was introduced on October 1, 2016 to increase state revenue, states that a Remittance Tax of three percent will be taken from all transfers made abroad by foreign workers along with money transfers made from the account while abroad.
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