Maldives Inland Revenue Authority (MIRA) has announced that a 3% remittance tax will be levied from all foreigners employed in the Maldives for withdrawals in other countries.
Pursuant to the Fifth Amendment to the Employment Act, Remittance tax (a type of taxation imposed on money being transferred out of the Maldives) will be levied from all foreigners working in the Maldives. Remittance tax law has been in effect since 1st October 2016.
As per the circular issued by MIRA, Banks and other financial institutions are expected to levy remittance tax for all applicable transactions in foreign countries beginning from 1st January 2017.
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