Corporate tax in Maldives


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
tourist establishments
Stamp duty; imposed on all imports and exports 0.1
Customs duties; imposed on imports; rates vary
according to the type of import

Foreign-exchange controls

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.