MIRA Relaxes "Deemed Partnership" Registration Requirements

MIRA relaxes requirement for “deemed partnerships” to register with MIRA. Deemed partnerships are arrangements where two or more persons jointly conduct a business activity without registering as a partnership under the Partnership Act.

If none of the business activities conducted by the deemed partnership requires a permit, and the deemed partnership does not give any consideration to any person for work performed by that person for that partnership and average monthly gross revenue earned by the deemed partnership from all business activities carried out during any 12-month period does not exceed MVR 20,000, then that deemed partnership is not required to register with MIRA under the Tax Administration Act.

Nevertheless, such partnerships are required maintain proper and sufficient business records, and the option of voluntary registration is open to such partnerships.

05 Dec 16