An arrangement has been made for fines and penalties accrued by small taxpayers to be waived off under a special amnesty

MIRA has introduced a Fine Amnesty Policy to waive of all the tax related fines of small businesses. This is a special arrangement made for small taxpayers, in addition to the regular fine relief process at MIRA. This fine amnesty is opened until 30 June 2017 to solve the issue of fines and penalties accrued by small taxpayers and to assist them to get back into the tax system.

For the purpose of this policy, small businesses are those businesses whose annual turnover does not exceed MVR 10 million. These businesses must apply for fine amnesty before the deadline to get fine relief from all the GST and BPT fines and penalties accrued for tax related obligations from 2011 till the end of March 2017.

Within this year, several relief arrangements have been made for small businesses. Under these provisions, the threshold of the requirement for individuals and deemed partnerships to register with MIRA has been increased to MVR 40,000 per month, and those businesses are not required to submit BPT Return if the annual turnover is less than MVR 1 million or if their taxable profit is less than MVR 50,000. Moreover, these businesses can opt to use cash basis method of accounting and are not required to submit External Auditor’s Report to MIRA.

13 Apr 17