I have a friend who owns a grocery shop. Every year he pays Mudhalu Zakath. He has to take stock of his grocery shop and the goods in his go-down. Last year the value of the goods came to about Rf 1500,000 (one and half million Rufiyaa). Now he has to sum the total of the cash in his bank accounts. Last year it was Rf two and half million. This meant that his total valuation for the year was Rf 1.5 Million plus Rf 2.5 Million (total of Rf 4 Million).
One has to pay Mudhalu Zakath once a year. The amount is 2.5% (two and half percent) of one’s total valuation. On that basis my friend had to pay 2.5% of Rf 4 Million – which came to a figure of Rf 100,000 (One lak Rufiyaa).
My friend is a small businessman. Imagine the amount of money that the treasury would get if all of us paid Mudhalu Zakath. Take an average resort operator who has about one resort and some other side businesses. On average a Maldivian resort would generate a clean profit of at least one million us dollars per year. Add this to the value of the goods in the resort that are to be sold. The value of the stock would be about usd three million. Now add the savings that this person would have in his bank accounts – perhaps about usd two million. This would come to a total of usd six million. Now Mudhalu Zakath for this person would be 2.5% of usd six million – which would come to about Two million Rufiyaa. This means that a small resort operator would have to pay about Rf 2 Million per year as Mudhalu Zakath.
This figure would be much higher for resort operators such as Villa and Universal. If the government – and in particular if the Ministry of Islamic Affairs and the Finance Ministry could come up with a system to collect Mudhalu Zakath from everyone, I estimate that the treasury would get at least Rf one billion per year just from Mudhalu Zakath.
Collecting Mudhalu Zakath is something that is binding on any Islamic government. It is the duty of the Ministry of Islamic Affairs that the leaders in the government and the general public are made aware of the importance of Mudhalu Zakath and how the proper collection of Mudhalu Zakath would help solve many of our economic ills.
How about debt ridden people like Jolly Jabir And Buruma Gasim And Thasmeen hmm jus to name a few.
ReplyDeleteThasneem owes Bank of Maldives US 81 Million Dollars (thanks To Golhaabo). His assets will be less that his debt (eg: hmm Maybe USD50Million).
What about these cases. How do these people may Mudhlu Zakai?
Btw brilliant idea, not thats its a new concept? I wont how can we call ourselves Muslims if we cant implement the collection and distribution of Mudhalu zakath.
ReplyDeletethts a very important issue tht islamic affairs has consider and make responsile to pay all the business.
ReplyDeleteThere is an even an easier way to get more money. Just put and end to Customs fraud.. Also make Ports authority efficient.
ReplyDeleteThis would require automation of customs as well as strong leadership there.. The savings to the treasury could be more than a billion...
But there caveat is this. The Government would be unpopular with the traders
Why is it so difficult to mobilize resources or to implement policy.
ReplyDeleteTalking of slow pace of things happening. For 16 years Gayooms Government was sitting on the Tax Bill with out even bringing it to the Majlis floor.
Still the status of the Tax bill is the same. I wonder how long will Anni take to pass the bill from Majilis and implement it?
Money is not a problem for a miniscle country with 300,000 population. There are so many ways of raising money, if (a big if), the Government DARES to be sincere.
ReplyDeleteTo lead and make tough decisions, our leaders should not become poodles of the rich like in the previous regime...
Bushry, can I ask if you paid the Mudhalu Zakaith? The problem is nobody wants to pay but expect every other businessmen pay it. This wont work out.
ReplyDeleteWe need legal tax system. Zakath is not suitable for this generation probably, and its quite the same thing as tax. So why don't we implement tax system.
ReplyDeleteBut i have to sadly admit that it will still be the same ppl who is there to abide and it will always be elites and rich businessmens who will rule the country or possess the natural/manmade resources as long as we have money is used to value each and every single good and service.
" ....Collecting Mudhalu Zakath is something that is binding on any Islamic government ..."
ReplyDeleteYeah, it's even more interesting when you consider that all the income into the country comes from a business built upon the selling of Alcohol and as such abuse of Quran/Hadith!!!
Ironic you ask for this stupid mudhalu zakaath and talk about islamic norms and whatnot and then ask that it be collected from this industry. Nice!
I think this time Mr. Bush really made a funny!
Anni is pro active, I bet he can mobilize our resources and reach new heights in development.
ReplyDeleteHello Bush,
ReplyDeleteAll our business men are debt ridden tycoons and they don't even have a single laari for anything else when their debt is calculated against all their wealth. I think this is main the reason why people are not paying Mudhalu Zakaaiy.
Bushry, how to take tax from the drug dealers who are so freely destroying our youths, which this government also is not doing anything to stop the trafficking , instead marketing it via liu jalu, feydhoo finolhu, maaafushi maketing manger for home affairs vaanuvaa neygey shafeegu,
ReplyDeletePresident anni knows, shafeegs competence and ability, i saw president anni laughing while shafeegu was giving interview to sri lankan journalist s in the famous MDP evun. Why is the president doing these I cannot believe, Home ministry is a very vital, where all our public rely on
bushry, this is not an important issue, the sheiks thinks that wearing burga and having a beard booosts economy!
ReplyDelete