Exempt income

Income types exempt from income tax includes:

  • Dividends distributed by a resident company to its resident shareholders.
  • Profits distributed, or interests paid on partner’s capital by a resident partnership to its resident partners.
  • Interest or profit derived in respect of a debt security issued by a company listed on a security exchange licensed by the CMDA.
  • Passive interest up to an annual maximum of MVR 5,000/- (Example: Interest received by an individual for money kept in a Savings Bank Account).
  • Basic pension, retirement pension, and annuity received under the Maldives Pension Act.
  • Grants and scholarships to pursue education in an institution approved by the MQA.
  • Money received as hibah, bequest or inheritance.
  • Payments of dowry, nafaka or halanath.
  • Gains on disposal of a person’s principal private residence, if it is the only property owned by that person.
  • Gifts received up to an annual maximum of MVR 40,000/-.
  • Gifts received from a relative.
  • wedding gifts [received on the date of marriage, or within 30 days of either side of that date]
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