15 May 2016
Issue No: 5/2016
Important Deadlines

MAY 

02

Submission of BPT Return and payment for 2015. (For those whose accounting period ends within 01.01.15 to 31.10.15)

MAY 

10

Payment of Trade Fee for May 2016

MAY 

15

Payment of withholding tax for April 2016

MAY 

10

Payment of duty free royalty for April 2016

MAY 

29

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

MAY 

29

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

Are you ready for BPT deadline?

The most important deadline ahead is the deadline for filing and payment of Business Profit Tax (BPT) for the year 2015. All the taxpayers whose accounting period ended on 31 December 2015 should file and make payment by 30 June 2016.

To file BPT return taxpayers must use MIRA 304 form. BPT return must accompany all the required financial statements of 2015. Regardless of their revenue, companies and partnerships must submit their BPT return.  Individuals must submit BPT return if the revenue of 2015 reached MVR 750,000 or the taxable profit reached MVR 500,000. Individuals must also submit BPT return for 2015, if they submitted or were required to submit BPT return for 2014 irrespective of the revenue or profit generated.

It is very important for businesses to verify their income and profit ...

Substantive matters, when MIRA’s decisions are enforced by the Civil Court, are not up for dispute: High Court

Judgement has been passed by the High Court that substantive matters cannot be disputed when passing judgement by the Civil Court on cases filed by MIRA to enforce tax related decisions by MIRA and the Tax Appeal Tribunal.

The judgement was passed by the High Court with regard to a case appealed by MIRA against the Civil Court judgement which was passed in favor of Media Net Pvt. Ltd. The Civil Court judgement was passed on the case filed by MIRA to enforce the assessed amount owed by Media Net Pvt. Ltd as withholding tax.

According to the judgement, the Tax Administration Act specifies the procedure to be followed in relation to tax assessments made by MIRA by the person the assessment relates. In this regard, where a person objects to a decision made by MIRA, such objection should be informed ...

Fine relief requests must come from the taxpayer

The Commissioner General of Taxation has the authority at his discretion to reduce penalties or grant full relief from penalties. Requests for fine relief are reviewed by the members of the Fine Relief Committee in accordance with the Policy on granting fine relief. Fine relief is granted to provide a relief for taxpayers who are faced with huge fines due to an audit or lack of information etc. and to encourage taxpayers to be more vigilant in making tax payments as stipulated in the Taxation Acts and Regulations.

Since fines are waived off as a relief given specifically to the taxpayer after reviewing the case as per the set policy, taxpayers are urged not to let other parties take advantage of this by claiming financial benefits in return for the relief allowed to the taxpayer by MIRA. 

...

MIRA Club elects members for the new executive committee

MIRA club has elected members for the executive committee of 2016. Upon completion of the tenure of the previous executive committee members, elections were held on 3 April and 10 April 2016.  Newly elected members were Ali Zaid Mohamed from Taxpayer Service (president), Mohamed Jinah Ibrahim from independent departments (Vice president) , Aminath Naifa from Corporate Service, Mariyam Jaidha from Technical and Public Awareness, Moosa Jinah from Compliance, Mariyam Nahula Abdul Gayyoom from Enforcement, Mohamed Shahid from Senior Staff, Fathimath Yamaani Ahmed from Audit & Investigation, and Mariyam Nishaanaa from Large Taxpayer Service.

MIRA Club organized various activities last year to strengthen the friendship and unity among the staff. One of the major objectives of MIRA Club in organizing these activities was to increase the staff participation in t ...

MIRA conducts an experience sharing forum with PSM

MIRA conducted an experience sharing forum with Public Service Media (PSM). Commissioner General of Taxation, Deputy Commissioner General of Taxation and senior management of MIRA participated in the forum which was held at MIRA training hall. Managing Director, Deputy Managing Director and seniors of PSM represented the organization.

MIRA’s experiences of the past 5 years, and the journey to become an independent professional organization were shared with PSM. Moreover, tasks carried out by the departments of MIRA, policies and Standard Operating Procedures (SOP) were also shared with the participants from PSM.

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MIRA announces the criteria for determining whether a place is established on a tourist establishment

With the exception of shops operated exclusively for the employees of the tourist establishment, places established on tourist establishments are required to be registered for tourism sector GST under GST Act. MIRA issued a tax ruling on 2 May 2016, stating the criteria for determining whether a place is established on a tourist establishment.

As per the ruling (TR-2016/G33), places established on a tourist resort or within the territory of a tourist resort as determined by the Ministry of Tourism, will be considered as a place established on a tourist establishment. Similarly, places established on tourist hotels or tourist guesthouses located on land leased by the appropriate State authority will also be considered as places established on a tourist establishment. In other cases, places situated within the premises of a tourist hotel or guest house would be co ...

Global forum membership of OECD given to Maldives

Maldives participates in the Global Forum on Transparency and Exchange of Information for Tax Purposes with the aim of developing the tax system and ensure worldwide participation in tax related matters. Maldives is the 132nd member of the Global Forum.

Global Forum ensures that exchange of information is taken place under a system of high standards of transparency among the members. The Global Forum undertakes the responsibility of helping the member countries in the implementation of the standards under “Automatic Exchange of Information”. As the initial process, the legal frameworks in the Maldives have been reviewed to advice on amendments to be brought about to move forward towards the standards of the Automatic Exchange of Information.

Technical support needed in ...