The Maldives Income Tax Bill for 2020 was approved by parliament on 4 December 2019 and the Budget for 2020 was approved on 5 December. One of the main measures is the introduction of a new personal income tax. Currently, individuals are generally only subject to business profits tax if conducting business activities, while foreign workers are only subject to a 3% remittance tax. As approved, a personal income tax is introduced on annual income as follows:
- up to MVR 720,000 - 0%
- over MVR 7…