The Edition


Maldives looks to exempt tax for first-time flat buyers

Fathmath Shaahunaz
28 June 2016, MVT 12:02
Some lawmakers pictured during a parliament sitting. PHOTO/PARLIAMENT SECRETARIAT
Fathmath Shaahunaz
28 June 2016, MVT 12:02

Maldives parliament accepted Monday an amendment to the Maldives Land Act for the exemption of first-time flat buyers from the flat tax.

The amendment was submitted by Funadhoo MP Ali Saleem and accepted with votes in favour from 53 members. It has been forwarded to the parliament’s National Development Committee for further review.

According to the amendment, which urges exemption of tax for first-time buyers of flats from a jointly-owned building, people who are aged eighteen and above may engage in flat sales transactions.

The Bill further states that circumstances where the first-time flat buyer have any lands under their name in any region of the Maldives will not serve as an obstruction for their tax exemption.

Several pro-government members asserted that the amendment will ease financial difficulties for the public, noting that their greatest plight is shelter and housing. Members of the opposition were also in favour of the amendment.

A number of parliamentarians also stressed the importance of finding conclusive solutions for the housing crisis faced by the public.