First month of remittance tax totals at MVR 6.8 million

The remittance tax that had been implemented to tax the money foreign workers send out of the country has proven to be productive with the government earning MVR 6.8 million on the first month of implementation.

MIRA stats revealed that the government has made over MVR 6,822,074 and is expected to reach over MVR 56 million in a year’s time.

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Remittance tax was implemented after the Employment Act was amended forcing all foreign workers in the country to have a bank account from a local bank to store and withdraw their wages from. Failing to follow the guidelines set by MIRA would result in the employer being fined MVR 50,000 per offense.

According to statistics from the Department of Immigration, there are over 20,000 foreign nationals working illegally in the country and USD 363 million was sent out of the country in wages according to statistics released by MMA.

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