Income Tax to be Introduced from 2020

President Ibrahim Mohamed Solih has announced that income tax will be levied from next year onwards.

During the presidential address given to Parliament on 7 February 2019, the President announced that income tax will be levied on high income earners. The President noted that additional changes must be brought to the current tax regime to strengthen the system in place. One of those proposed changes is implementing a progressive income tax regime.

The President stated that the income tax bill will be submitted to Parliament during this year and the bill would be ratified and will commence in the following year.

(Photo credits: Presidents Office Website)