President Ibrahim Mohamed Solih ratified the bill repealing the Revenue Stamp Act on Sunday, which abolished the usage of revenue stamps on numerous official documents after 51 years.
On 14 April, a bill was introduced in parliament by Majority Leader Ali Azim, MP for Central Henveiru, to repeal the Revenue Stamp Act (4/70), and was referred to the Whole House Committee.
In proposing the bill on behalf of the government, MP Azim stated that the current revenue stamp system in the Maldives was implemented in 1970. He 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 businesses 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.