With the abolition of the revenue stamp system, the Maldives Inland Revenue Authority (MIRA) has decided to give reimbursements for unused revenue stamps.
The revenue stamp system utilized for official documents was phased out after 50 years following the ratification of the bill repealing the Revenue Stamp Act last month.
According to the MIRA, it will compensate for unused revenue stamps that were in circulation when the Act was abolished until November 15.
The revenue stamp system was discontinued because it was no longer feasible to run the system as it had been in the past since the revenue collected was insufficient to meet the system’s operating costs.
The Revenue Stamp Act was repealed as part of the incumbent administration’s strategic action plan to build a more modern and convenient system that will make doing business in the Maldives easier.