Maldives, Republic of

A tax resident in Maldives is subject to income tax on worldwide income. A non-resident is subject to income tax in respect of income that is derived from Maldives.

Tax rates are applicable for different types of corporate taxpayers, as follows.

Corporates other than individuals, banks, and non-resident international transport operators

* Maldivian rufiyaa

Banks

The tax rate applicable for a bank is 25% of its taxable income. No threshold limit is available for a bank.

Non-resident international transport operators

The income derived by a non-resident shipping or aircraft operator from transportation of passengers, livestock, mail, parcel, merchandise, or goods on a ship or an aircraft, which departs from a place located in Maldives, shall be subject to income tax at the rate of 2%.