The Maldives government on Wednesday signed an agreement with Malaysia to enhance taxpayer certainty and avoid double taxation.
Finance minister Ibrahim Ameer signed the agreement during a ceremony at Malaysia's parliament building in Kuala Lumpur. Deputy foreign minister Ahmed Maslan signed on behalf of the Malaysian government.
According to the finance ministry, the Agreement aims to enhance taxpayer certainty and avoid double taxation of income from residents of both countries.
“This agreement will also strengthen the economic relations between Maldives and Malaysia by contributing towards facilitation of cross-border investments,” the ministry tweeted.
Maldives-Malaysia trade in 2021 was valued at USD 122 million while it increased by 100.2 percent in 2022 to USD 227 million.
