|Corporate Income Tax Rate (%)||0|
|Capital Gains Tax Rate (%)||0|
|Branch Tax Rate (%)||0|
|Withholding Tax (%)||10*|
* The 10% withholding tax is imposed on specified payments made to persons not resident in the Maldives. These payments include the following:
- Management fees
- Fees for technical services
- Fees for the use of computer software
- Payments for performances by public entertainers
- Rents paid for the viewing of cinematographic films in the Maldives
- Royalties and rents paid for the use of plant, machinery, equipment or property
- Payments for carrying on research and development
- Fees for personal services
- Other commissions or fees
Taxes on corporate income and gains
Although a tax specifically applicable to corporate profits does not currently apply, a tax of 15% is imposed on the business profits of any “person” deemed to be carrying on a business. A “person” includes, but is not limited to, corporations, partnerships and individuals. The taxable profits or losses of a partnership for a year are computed as if it were a body corporate.
Also, resident and nonresident banks are subject to a tax of 25% on taxable profits.
Other significant taxes
The following table summarizes other significant taxes.
|Nature of tax||Rate (%)|
|Goods and Services Tax; the tax is
passed on to the end consumer
|Tourism Goods and Services Tax (TGST);
applies to goods and services supplied by
|Stamp duty; imposed on all imports and exports||0.1|
|Customs duties; imposed on imports; rates vary
according to the type of import
The Maldivian currency is the rufiyaa (MVR).
The Maldives does not impose any strict foreign-exchange controls. Businesses may remit all of their net profits after payment of business profits tax.