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Pension under Maldives Pension Act

Payments received under a life insurance policy

Profits distributed by a partnership (Partnership entity and the partners must be residents)

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Pension Income derived from Malaysian employment paid by approved scheme.

Interest Income from financial institution

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Royalties

Income from cultural performance

Income from musical composition

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Pay tax annually (1 January to 31 December)

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Pay tax annually (1 January to 31 December)

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Pay tax at a rate of 15% of the taxable income of that entity which exceeds MVR 500,000 per year.

However, banks have to pay tax at a rate of 25% of their taxable income

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A scaled rate from 0-15%

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Follow the tax rate of an individual

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Non-residents have to pay tax on the income they derive from the Maldives.

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Allowed through permit issued (Maldives Immigration Authority)

Not allowed to be acquired through marriage with a local.

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More than 183 days in a tax year (present in Maldives)

Permanent place of living

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Examples:

Interest

Expenses incurred before the commencement of business

Welfare expenses

Bad debts

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Examples:

Charitable contributions

Mortgage interest expenses

Life insurance premium

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Examples:

Employment costs to employees such as salary, allowance, EPF, SOCSO

Business insurance

Rental of premises

Promotional gift of trading product

Promotional samples

Gift with company logo

Printing and stationery

Travelling allowance to employees

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Examples:

Charitable contributions

Mortgage interest expenses

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Taxable at a scaled rate from 0-30%.

Foreign-sourced income received by tax-resident individuals is exempted from tax during a transitional period from 1 January 2022 to 31 December 2026. (except for income that is received through a partnership business in Malaysia)

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1. Non-resident individuals are subject to a flat rate of 30%.

2. Will not-taxable if:

Employed in Malaysia for less than 60 days

Employed on board a Malaysian ship

Age 55 years old and receiving pension from Malaysian employment

Receiving interest from banks

Receiving tax-exempt dividends

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RESIDENT for: 3 immediately preceding years + 1 immediate following year

(Need not be physically present in the year of review)

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1. Year of review: In Malaysia for more than or equal to 90 days

2. 3 out of 4 immediately preceding years:
a) Resident; or
b) In Malaysia for more than or equal to 90 days

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Example: Holiday
Limit to 14 days

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No days limit

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No days limit

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1. Year under Review

a) In Malaysia for less than 182 days

b) "Linked by the Previous Year" or "Linked to Following Year"

2. Linking Period

a) More than or equal to 182 consecutive days

b) Temporary absence is permitted

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In Malaysia, for more than or equal to 182 days

Need not be consecutive

Single-period/ Multiple periods

Temporary absence not permitted

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According to Section 7 of Income Tax Act 1967