Maldives Income Tax Calculator 2024 - The Next Gen Business

Overview of Maldives Salary Calculator

In the Maldives, individuals, regardless of their residence status, are subject to varying tax rates on their taxable income. The tax rates range from 0% for income up to MVR 720,000 to 15% for income exceeding MVR 2,400,000 per tax year.

Effortlessly calculate your income taxes and relevant social security contributions using our Maldives salary calculator.

Calculate Your Maldives Salary After Taxes

To use the Maldives income tax calculator, simply input your gross income and income type to begin.

Notice: This calculator currently computes Personal Income Tax (PIT) and all necessary social security contributions.

Convert Your Salary To MVR

TaxAssist+ from The Next Gen Business is a tax calculation tool, tailored to use each country’s local currency for precision and simplicity.

To fully utilize this feature, please convert your native currency into MVR, ensuring accurate and efficient tax computations.

📌 What Is the Average Salary in Maldives?

Paradise comes at a price in the Maldives, with an average monthly salary of MVR 12,000 (MVR 144,000 annually) often supplemented by tourism.

Paradise comes at a price in Malé, with an average of MVR 12,000 monthly often supplemented by tourism-related income.

📌 What Is the Minimum Wage in Maldives?

The Maldives does not have a general minimum wage; however, government sector workers have a set minimum wage of Rf. 3,100 (USD 242) per month.

📌 What Are The Types of Taxes in Maldives?

Maldives does not levy a personal income tax.

No general corporate tax is imposed.

No VAT or sales tax is applied.

References

➤ View References

PricewaterhouseCoopers: taxsummaries.pwc.com

Trading Economics: tradingeconomics.com/country-list/social-security-rate

KPMG: kpmg.com/sg/en/home/services/tax/tax-tools-and-resources.html

OECD.Stat: stats.oecd.org/index.aspx?DataSetCode=TABLE_I5

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TaxAssist+ by The Next Gen Business: Advanced Income Tax and Contribution Calculations for the 2024/25 Tax Year

TaxAssist+ streamlines the complexity of income tax calculations by accurately considering not only your gross income and the nature of your income (e.g., self-employed, traditional employment), but also essential deductions and contributions. This tool is designed to provide a comprehensive assessment of your tax obligations, including income taxes and social security contributions.

Step-by-Step Calculation Process:

Computing Gross Income and Adjustments: We start by calculating your gross income, taking into account the type of income you earn. This is crucial in determining the subsequent steps and applicable rules in the calculation process.
Determining Taxable Income: After identifying the gross income, TaxAssist+ calculates your taxable income. This involves adjusting your gross income with allowable deductions, considering factors unique to your income type. This step is pivotal in ensuring an accurate basis for tax calculation.
Incorporating Income Taxes and Social Security Contributions: Our sophisticated algorithm then calculates your income tax liabilities and social security contributions, if applicable. This integration is a key differentiator, as it provides a more comprehensive overview of your total tax obligations.

TaxAssist+ ensures a thorough and accurate estimated tax calculation, providing you with clear insights into your financial obligations and aiding in effective financial planning.

Update Schedule: TaxAssist+ continuously monitors for amendments to tax rates and regulations, ensuring that our calculators remains current for the current tax year.

Customer Support: For any comments or inquiries, we encourage you to reach out directly to our support team via our contact page.

Step 1

Our international research professionals meticulously compile and scrutinize the latest tax laws and regulations to ensure foundational accuracy.

Antonio Garcia

Macroeconomics Research Expert

Step 2

A dedicated team of independent fact-checkers rigorously reviews and authenticates the compiled data for integrity and compliance.

Fact-checked

By independent fact-checkers

Step 3

Our tech team then integrates these verified updates into the TaxAssist+ calculators, ensuring they reflect the most current tax rates.

Liam Hollis

Product & IT Lead at TNGB Research