Maldives to mandate USD-earning companies to pay tax in dollars
Usham said if the laws need to be amended to resolve the dollar issue, he will submit it to parliament and decide within the next week or two.
Maldives Attorney General Ahmed Usham said on Sunday that the government has decided to amend some relevant laws to make companies pay their money to the state in dollars to solve the current dollar shortage.
The Bank of Maldives (BML) on Sunday changed the card limits for dollar transactions abroad. The change was later reversed after BML made debit cards and new credit cards issued for Rufiyaa accounts unable to make overseas transactions.
Speaking to reporters after a lengthy cabinet meeting held at the President's Office, Usham said the meeting discussed amendments to some laws to address the dollar crisis.
The decision was taken because some companies that earn revenue in dollars pay money to the state and taxes in Rufiyaa.
The changes decided at Sunday's cabinet meeting include, according to Usham:
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A company that earns revenue in dollars pays to the state in dollars
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Companies that pay salaries in dollars pay the state in dollars
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Dollar-denominated companies pay customs duties on imported goods in dollars
Usham said some companies that pay salaries in dollars pay pensions in Rufiyaa. He said the decision to make a major change in the way the transaction was conducted was taken after receiving complaints that the companies were marking dollars in the black market to pay the money owed to the state in Rufiyaa.
Usham said if the laws need to be amended to resolve the dollar issue, he will submit it to parliament and decide within the next week or two.
