Maldives, Republic of

Corporate - Significant developments

Last reviewed - 10 September 2023

The Income Tax Act (Law No: 25/2019) was introduced with effect from 1 January 2020.

With the introduction of the Income Tax Act, the tax on business profits, which was imposed under the Business Profit Tax Act, was abolished on 31 December 2019 and continued under the Income Tax Act from 1 January 2020 onwards.

It also abolishes the existing Bank Profit Tax, Remittance Tax Act, Land Sales Tax, and Petroleum Tax with effect from 31 December 2019.