The Maldives Inland Revenue Authority (MIRA) has published an English-language version of the new Income Tax Act (Act 25/2019), which was approved in December 2019. The Act covers all aspects of income tax for individuals, banks, and persons other than individuals or banks.
Income Tax Rates and Determination of Income
As previously reported, the Act includes the introduction of an income tax on individuals as follows based on annual income:
- up to MVR 720,000 - 0%
- over MVR 720,000 up to 1…