Income Tax Act
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NewsMajlis raises withholding tax for foreign contractors
The People’s Majlis has passed an amendment to the Income Tax Act, doubling the withholding tax for non-resident contractors from five to 10 percent. The change, which treats the tax as a final levy, is expected to generate an average of MVR 251 million in additional annual state revenue.
NewsWithholding tax to be doubled on foreign contractors
A new amendment submitted to the Maldives Parliament proposes doubling the withholding tax on foreign contractors from 5% to 10%. Introduced by MP Hassan Zareer, the bill targets non-resident service providers to increase state revenue. The change is projected to generate an additional MVR 251 million annually for the government.