15 March 2016
Issue No: 3/2016
Important Deadlines

MAR 

10

Payment of Trade Fee for March 2016

MAR 

10

Payment of duty free royalty for February 2016

MAR 

15

Payment of withholding tax for February 2016

MAR 

28

Submission of GST Return for February 2016 and payment of GST.

MAR 

28

Submission of Green Tax Return for February 2016 and payment of Green Tax.

MAR 

31

Payment of tourism land rent for the second quarter of 2016.

MAR 

31

Payment of company annual fee for 2016.

Reminder for payment of Company Annual Fee by 31 March

All companies registered in Maldives under the Companies Act (Law number 10/96) are liable to pay company annual fee for the current year before 31st March 2016. Private companies are required to pay MVR 2,000 as the annual fee. After the deadline, annual fee would be collected with a fine of MVR 1,000 if paid within the month of April or MVR 2,500 if paid after the month of April.

All companies, whether active or inactive, are required to make the annual fee payment as no exemption is allowed for companies which do not carry out any business activities. However, a company would not be required to pay the annual fee for the year if all the paperwork for company liquidation is submitted to and approved by the Registrar of Companies before the 31st of March.

MIRA would be ta ...

The first course offered by Maldives Tax Academy continues

Maldives Tax Academy (MTA) has started their 1st batch of “Certificate 1 in Taxation in Maldives” course on 21 February 2016. All the qualified applicants who applied for MIRA licensed tax agents have to complete this program.

In this program, information about the taxation policy in Maldives will be thoroughly explained to the participants. To be specific, information about tax laws, regulations and rulings will be provided. Furthermore, the participants will be trained to fill the tax returns and extensive information about Business Profit Tax (BPT) and Goods and Services Tax (GST) will be provided during the sessions.

In addition to the tax agent applicants, staffs from Auditor General Office, Tax Appeal Tribunal and High Court of the Maldives participated in this progr ...

MATATO Tax forum in collaboration with MIRA

MIRA, in collaboration with Maldives Association of Travel Agents and Tour Operators (MATATO), conducted a tax forum on 17 February 2016, aimed at businesses in travel industry. The purpose of the tax forum was to disseminate information on tourism related taxation, common issues faced when filing tax returns, process of tax auditing and bookkeeping for taxation purposes.

A total of 14 participants attended the tax forum. The sessions of the tax forum, which was open for all travel industry businesses, were presented by the auditors of MIRA. MIRA and representatives from other industries plan to hold similar tax forums in the future as well.

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Deadline for auditors to renew registration: 31 March

Registration of all MIRA approved Auditors will expire on 31 March 2016. They are required to submit a completed “Auditor Registration” (MIRA 109) form to MIRA prior to the date of expiry of the registration if they wish to renew the registration. If the renewal application is not submitted to MIRA within one month of expiry of the registration, the person must submit a new application together with all the supporting documents.

MIRA approved auditors are required to submit the practicing certificate issued by Auditor General’s Office by 31 May 2016. Failure to submit the practicing certificate to MIRA by the deadline shall result in the revocation of the auditor’s registration.

Moreover, auditors registered with MIRA are required to submit auditor annual report for the ye ...

Opening of MIRA Addu and Fonadhoo Branch & Fuvamulah Collection Center

An official ceremony was held on February 13, 2016 to open MIRA Addu Branch and Gn. Fuvamulah Collection Center. Service has been provided from Addu Branch since February 24, 2015 and from Fuvamulah Collection Center since July 28, 2015. Fonadhoo Branch was declared open on 3 March 2016.

These three outlets were opened by the Commissioner General of Taxation and Minister of Finance & Treasury with Addu City Mayor, Fuvamulah Atoll Council President and Laamu Atoll Council President.

MIRA always works and further plans towards introducing and sustaining excellence in the service provided, and with the same intention, MIRA has worked towards spreading its reach beyond the geographical distance. With these outlets opened, it has been the appreciation of many taxpayers in these atolls as these at ...

All vessels with the exception of fishing boats must renew registration by 31 March 2016

Vessel fee is levied pursuant to the Regulation on Registration of Local Vessels (Regulation Number 2016/R-6) on every vessel that is registered at the Transport Authority. This yearly fee is based on the length of the vessel and the classification to which it belongs. Classifications of vessels and their annual fees have changed effective 31 January 2016 pursuant to the Regulation on Registration of Local Vessels. You can view the classifications and new fee structure under vessel fee from our website.

All local vessels, except for vessels registered as fishing vessels or classified as dhoani, need to be registered under the new code. This includes non-engine vessels as well. As some of the fee codes have been changed under the new Regulation, vessel owners need to renew their Vessel Registration before mak ...

Report suspected tax offences to MIRA

Since the contribution made by taxation to the Government’s revenue is on the rise, it becomes really essential that the correct amount of tax is received on time for the Government to provide services to the general public. Hence, if anyone is purposefully conducting activities with the intention of reducing or avoiding taxes, its negative impact will affect not only the Government but also the general public. This is where ‘blowing the whistle’ for the good of the nation becomes necessary.

As per the tax laws it is the duty of MIRA to ensure that the correct amount of tax is paid by the taxpayers. The same laws also prescribes it a criminal offence for anyone to purposefully conduct activities with the intention of reducing or avoiding taxes. Since it is the general public who are closely dealing with the taxpayers on a daily basis, the genera ...

Key matters that need attention in relation to GST Act and Regulation

GST is the most popular and widely applicable tax in the Maldives. There is a number of important factors that all the registered parties for GST must consider. Especially now that these factors can cost registered parties up to MVR2, 000/- in fine, if they aren’t properly aware of them.

Display of GST Certificate

Upon registration for GST, MIRA will issue a certificate which is to be displayed in the registered activity. The purpose is to confirm the public that the particular business activity is registered for GST. The key matter here is for all registered activities to display the certificate and not to file or store it in a place where taxpayers can’t see.

R ...