A bill has been submitted to Parliament to cease the use of revenue stamps and repeal the Act regarding revenue stamps.
The Act which has been in use since the 1970s was called to be repealed by MDP PG Group leader Ali Azim who submitted the bill on behalf of the government.
The first reading of the bill, submitted on March 24, was held yesterday. The bill read that the Act in question was outdated and that practice of revenue stamps did not bring enough revenue to justify the cost and expenditure. The practice also caused a lot of hardships to businesses, read the bill.
The bill was submitted for the purpose to bring convenience to businesses in the Maldives and repealing the practice of revenue stamps.
The bill is required to pass the parliament and be ratified by the President before it can be implemented.