Maldives: Technical Assistance Report-Reform Options to Strengthen Tax Policy

July 1, 2019

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Format: Chicago

Maldives: Technical Assistance Report-Reform Options to Strengthen Tax Policy, (USA: International Monetary Fund, 2019) accessed December 21, 2024

Summary

This report reviews tax policy in the Maldives and identifies reform options to support efficiency, equity, and revenue. The absence of a broad-based personal income tax (PIT) generates revenue leakages and significantly diminishes the role of tax policy in income redistribution. A modern tax design requires a holistic view of the taxation of different sources of income and different legal forms of taxpayers to maintain tax neutrality, to the extent possible, while preserving some degrees of progressivity, simplicity, and administrability. Moreover, updating the tax system to cope with recent international developments is vital to safeguard revenues. While strengthening the goods and services tax (GST) can raise revenues in the short- to medium-term, a property tax is an important option for the long-term. The diagram below demonstrates reform priorities, as identified in this report, to modernize tax policy in the Maldives.

Subject: Double taxation, Income and capital gains taxes, National accounts, Personal income, Revenue administration, Taxes, Value-added tax

Keywords: CR, Double taxation, Flat tax, Global, Goods and services tax, Income and capital gains taxes, ISCR, Personal income, Progressive tax, Property tax, Stamp duty, Tax law, Tax rate, Tax revenue, Tax treatment, Tax treaty, Value-added tax, Zero rating

Publication Details

Pages:

74
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/196
Stock No:

1MDVEA2019003
ISBN:

9781498323239
ISSN:

1934-7685

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