On 11 July 2021, the the Revenue Stamp (Repeal) Act (Law No. 13/2021) came into effect upon its ratification by President Ibrahim Mohamed Salih.

The Act aims to improve ease of doing business in the Maldives. The Revenue Stamp (Repeal) Bill which was presented to the People’s Majlis on 29 March 2021 also stated that the revenue collected from revenue stamps is not sufficient compared to the administrative cost of collection.

Following the ratification, the Maldives Inland Revenue Authority (MIRA) announced that it has discontinued the sale of revenue stamps.