Maldives Inland Revenue Authority (MIRA) has collected over USD 4.5 million in remittance tax by the end of August this year. According to statistics published by MIRA, this is a decline of 1.1 percent as compared to over USD 4.6 million the authority collected in the same period last year.
The statistics show that this August saw an increase of 1.5% in remittance tax, with a tax amount of USD 605 thousand and seventy one, as compared to USD 507 thousand four hundred and seventy nine in August last year. Remittance Tax is a percentage collected from the salary of expatriate workers that are sent overseas.
The Remittance Tax Act became effective on October 1, 2016 where 3 percent is charged from the money sent abroad by expatriates. The banks and other financial service providers collect it from the remitter and pay the tax amount to MIRA by the 15th of the following month.