Former Deputy Minister of Finance and Cyprea shareholder Adam Manik (Maizaan), states his belief that Income Tax is "the only step” needed to be taken for development in the country, noting that he is ready to pay the tax.
Speaking to local news media ‘Mihaaru’, Manik declared that the public believes Income Tax is not established in the Maldives due to obstruction by business tycoons in the country.
However, Manik further noted that the personal income tax collection process must be transparent and well-administered.
“I have participated in 90 percent of all budget committee meetings since I joined Maldives Monetary Authority (MMA) in 1981 and I had initiated discussions on personal income tax in every meeting,” said Manik.
He also stated that the support of the Maldives parliament is fully required in implementing the personal income tax.
In 2016, former governor of MMA Dr Azeema Adam, had told the budget review committee that an income tax will be necessary to reduce the gap between rich and poor.
The parliament’s budget committee, in 2016, recommended introducing a personal income tax when it completed reviewing the proposed budget of 2017.
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