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President ratifies tax exemption for first-time flat buyers

Mohamed Visham
16 August 2016, MVT 10:33
A high-end apartment complex in the capital Male. MIHAARU PHOTO/MOHAMED SHARUHAAN
Mohamed Visham
16 August 2016, MVT 10:33

President Abdulla Yameen Abdul Gayoom on Monday ratified an amendment to the Maldives Land Act to grant a tax exemption for first-time flat buyers.

The amendment submitted by Funadhoo MP Ali Saleem was unanimously passed by the parliament last week.

According to the amendment, first-time flat buyers aged eighteen and above will be exempted from tax.

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 tax exemption.

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

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