IMF supports establishment of an income tax system

International Monetary Fund (IMF) has expressed support to implementing an income tax system in the Maldives.

Answering a question posed by a journalist at a press conference held at Maldives Monetary Authority (MMA), IMF's Asia Pacific Deputy Division Chief Philippe Karam said income tax will benefit the economy and is an important convention. He added it would also be an easy signifier of the economic situation of a country and would help show the income disparities.

IMF experts also noted income tax would contribute to increasing the profit and decreasing the debt of the country.

Implementing an income tax system in Maldives is a presidential pledge of President Ibrahim Mohamed Solih.