Yauqoob: Purpose of income tax is to stop illicit enrichment

Dhaandhoo MP Yauqoob Abdulla says the purpose of the Income Tax Bill submitted by the government is to stop illicit enrichment.

The Income Tax Bill was submitted to the Parliament on behalf of the government by Ungoofaaru MP Mohamed Waheed (Wadde).

Speaking during the parliamentary debate on the bill on Wednesday, Yauqoob said that he saw no reason why the bill could result in damages to the Maldivian people, but rather, saw it as beneficial to the Maldivian people.

He said that he believed the concern being voiced against the imposition of income tax by the nation’s big business operators was because it would result in a measure of restriction on under the table ‘deals’ they engage in.

Yaugoob said that he found the Income Tax Bill both well-researched and well-drafted, and that it was the Maldivian people who had the most to gain from passing the legislature.

He also said that the income tax would become the greatest defense in preventing acts or corruption and embezzlement such as the MMPRC scandal from taking place ever again.

“This bill will result in them having to declare their entire lifestyle, and will easily identify the culprits of illicit enrichment. This bill is resigned to stop theft,” said Yauqoob.

The Income Tax Bill sets the threshold for income taxation at MVR 40,000, whereas MDP’s legislative agenda had promised a higher threshold at MVR 60,000.

Several MDP parliamentarians have voiced concern over this discrepancy.

Commenting on the discrepancy, Yauqoob said that though the bill set the threshold at MVR 40,000, the majority of parliamentarians wanted to set the threshold at MVR 60,000 as had been promised on MDP’s legislative agenda.