Decision to collect BPT Return and payment without fine

According to the tax ruling TR-2012/B16 (25 July 2012) the deadline for the submission of BPT return and final payment for the tax year 2011, the Statement of Interim Payment and the first interim payment for the tax year 2012 under the Business Profit Tax was decided as 30 August 2012. According to the BPT Act, taxpayers who fail to make the payments by the deadline will be fined by MVR 250,000 or double the amount of their tax payable, whichever is greater.

However, while many taxpayers filed their returns and made the payments by the deadline, a significant amount of taxpayers are still making payments. Considering this and the enormity of the fine involved, MIRA has decided to accept BPT return and final payment for the tax year 2011 and Statement of Interim Payment and first interim payment for the tax year 2012 until 15 September 2012 without any fines.  However, those who fail to make the payment or file the return by this date, the relevant fines will be imposed on them from 30 August 2012.

01 Sep 12