Business

Remittance tax grosses over MVR 104 million in one year

Minister of Economic Development Mohamed Saeed revealed that the state collected over MVR 104 million as remittance tax during the one year since its implementation.

Remittance Tax charges 3% from the amount remitted abroad by expatriates working in the Maldives. The tax will be charged directly from the person transferring money abroad. The government began levying remittance tax in October 2017. President Abdulla Yameen Abdul Gayoom's government has always prioritised ensuring the rights of foreign workers, according to the Economic Minister. He said the government is prompt in addressing issues faced by expatriates as well as ensuring their rights.

In reference, Economic Minister Saeed said this administration introduced the insurance policy for expatriates which has in turn addressed the issue of expatriates being deprived of their wages. The employment act of the country states that salaries and wages for expatriate workers have to be deposited to a bank account opened for the individual expatriate worker at a local bank. He said under the effort, over 94,000 accounts have been opened for expatriate workers.