Monday roundup: income tax, record budget and corruption probes
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28 Oct 2019, 9:00 AM
MDP MPs criticise threshold for income tax
Lawmakers from the ruling Maldivian Democratic Party on Monday criticised draft legislation proposed by the government to introduce a progressive income tax on January 1, 2020.
The threshold of MVR40,000 (US$2,594) a month was lower than the MVR60,000 pledged during the party’s Agenda 19 campaign for April’s parliamentary elections, several MDP MPs complained during preliminary debate on the bill, calling for changes during the committee stage before it is passed into law.
The proposed rate of eight percent for the lowest bracket of MVR40,000 to MVR60,000 was also higher than the 3.5 percent pledged during the campaign, MPs noted. According to the finance ministry, the tax base is expected to be about 6,000 people and the estimated annual revenue is MVR680 million.
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