Maldives ceases use of revenue stamps

President Ibrahim Mohamed Solih. (Sun Photo/Mohamed Muzain Nazim)

President Ibrahim Mohamed Solih has ratified legislature to repeal the law on use of revenue stamps on official documents.

With the ratification of the legislature this Sunday, Maldives has now ceased the use of revenue stamps on official documents.

The government bill to repeal Revenue Stamps Act – which was enacted in the 1970s - was submitted to the Parliament by MDP parliamentary group leader, Central Henveiru MP Ali Azim back in March.

The bill was passed by the Parliament with a majority vote of 44 last week.

The bill to repeal the law was presented citing that the law was outdated and that use of revenue stamps did not bring enough revenue to justify the cost and expenditure, and was inconvenient for businesses.