Maldivian Land Act to be amended to exempt first time home buyers above 18 from paying 15% tax

Following discussions at the Economic and Youth Council, President Abdulla Yameen Abdul Gayoom has decided to propose an amendment to the Maldivian Land Act, which exempts first time home buyers above the age of 18 from paying the 15% tax to the Government when purchasing a dwelling.

The President’s decision was made in order to facilitate implementation of the Government’s housing policy. The proposal and submission of the amendment to the Parliament is currently underway at the President’s Office.