Ali Azim, a lawmaker who introduced the bill, argued in parliament that the stamp laws were too old, and furthermore, the cost of the stamps no longer justified the profits. A total of 44 out of the total 45 members in parliament supported the bill, reported Sun news.

Businesses, he argued, have long been facing many difficulties while purchasing these revenue stamps, thus delaying their transactions. Therefore, its abolishment would be beneficial to businesses as it makes administrative processes much easier and faster, he said while presenting the bill in the parliament.

Furthermore, the government also abolished the Airpost Taxes and Fees charged from travelers and instead introduced a new Departure Tax, reported Raajje TV.

As per the bill, Maldivians and foreigners traveling from business class will be charged $60 while those traveling from first class will be charged $90. For foreigners traveling from economy class, the charges will be $30 dollars while a Maldivian will have to pay $ 12.

Departure tax for both Maldivians and foreigners leaving via a private jet is USD 120. The new taxes will come into effect from 1 January 2022. In addition to the Departure Tax, those leaving from local airports have to pay the same amount as an Airport Development Charge.