President Ibrahim Mohamed Solih has said that income tax will be implement in Maldives, starting from 2020.

President Solih conveyed important highlights of his economic agenda during his presidential address to the first sitting of Parliament, 2019 taking place at Dharubaaruge. The President noted in his address that the economic velocity of this country sped up greatly in recent years compared to the previous years due to introduction of tax systems.

President Solih added that it is integral to increase state shares encompassing all national economic benefits in order to enhance the growth of an archipelagic economy.

The President conveyed his intention to enact a Bill to the Parliament within this year, to enable the implementation of an income tax based on the amount of income earned. He reiterated in his address that following the passing of the Bill, income tax will be implemented and the Maldivian people can then reap the benefits of an archipelagic progress.

Collecting income taxes from the wealthy and high earners was a campaign pledge of President Solih.

President Solih’s political party, Maldivian Democratic Party (MDP), has included an income tax bill in their draft for Parliamentary Agenda 2019. The drafted Bill dictates that all those that earn MVR 60, 000 or more are required to pay an amount as income tax.