President Mohamed Nasheed has ratified the Business Profit Tax Bill after it was passed by parliament on December 30.
The long-awaited Act, which the government contends is vital to the country’s future economic prosperity, includes six chapters setting out a framework and guidelines for the taxing of businesses in the Maldives.
The government will ultimately phase out the US$8 a night bed tax charge on the tourism industry and replace it with a goods and service tax (GST), land rent and business profit tax.
Following the ratification, the Business Profit Tax Act has been published in the government Gazette.
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There should also be some sort of land tax, particularly here in Male' - many countries have this.
It will encourage land owners to use & develop their properties, and not leave them to grow weeds & gather garbage.
It will also tax the richer landowners hardest, those people who were lucky enough to have fathers & grandfathers who were given land by the old governments, or who reclaimed land for themselves. There are a few families in Male' who own much land and properties here, and are sitting on a goldmine.
There should be a tax per square foot of land, and this should increase by 10% for every storey that is built. The income generated can then be used for housing projects for the poor, and to relocate people to Hulhumale', allowing their old lands to be developed.