The bill to dissolve revenue stamp system has been approved and sent to Parliament floor following a parliamentary committee investigation
On 14 April, Majority Leader Ali Azim, MP for Central-Henveiru, introduced a bill in Parliament to amend the Revenue Stamp Act, which was unanimously supported by the MPs present for further consideration by the parliamentary committee.
In proposing the bill on behalf of the government, MP Ali Azim stated that the current revenue stamp system in the Maldives was implemented in 1970. He also claimed that it was no longer feasible to run the revenue stamp system as it had been in the past since the revenue generated was insufficient to cover the costs of running the system.
Azim further remarked that the revenue received from revenue stamps came from the many services offered by state institutions across many sectors, and that dissolving the revenue stamp system would increase convenience for individuals doing business in the Maldives.
The bill to abolish revenue stamps is part of the incumbent administration’s Strategic Action Plan to implement a more modern and convenient system that will make conducting business in the Maldives easier.