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]
