Amendment to Output Tax Statement filing dates

With reference to the Tax Ruling: TR-2015/G27, the effective dates for the requirement to submit the Output Tax Statement with the GST return have been amended. 

According to the Tax Ruling, Output Tax Statements, together with the Input Tax Statements, have to be uploaded to the MIRAconnect Statement Portal starting from 1 January 2016; if annual turnover is between MVR 50 million and MVR 10 million, 1 June 2016; if annual turnover is between MVR 30 million and MVR 10 million and 1 January 2017; if annual turnover is less than MVR 10 million.

Annual financial statements to MIRA

In order to facilitate sharing of information between the two organizations and efficient implementation of laws enforced by both organizations, MIRA signed a Memorandum of Understanding (MoU) with Ministry of Economic Development on 1 June 2015. Under this MoU, MED will share information of businesses with MIRA via an online portal or webs service and taxpayers can now submit their financial statements to MIRA and would not have to submit to both institutions.

Therefore, director’s report and auditor’s report of 2014 must be submitted to MIRA on or before 30 November 2015.

MIRA conducts a seminar on Green tax

A seminar on Green Tax was held by MIRA, targeted at tourist establishments subject to charge Green Tax. All tourist resorts, hotels and vessels are required to charge Green Tax from tourists starting from 1 November 2015. The seminar was held on 13 October 2015 at the Islamic Centre Conference Hall. A total of 101 representatives from various tourist establishments took part in the seminar which started at 0930hrs and ended at 1600hrs. 

MIRA has concluded DTA/TIEA Negotiations with India

Maldives and India have conducted negotiations on Air Transport Double Tax Avoidance Agreement and Tax Information Agreement. 

The negotiations were held from 4 – 5 October 2015. The Indian delegation was led by  Mr.  Rajat  Bansal,  Joint Secretary of the Department of Revenue of Indian Government, and the Maldivian delegation led by Mr. Hassan Zareer, Deputy Commissioner General of Taxation. During the meeting, an agreement was reached on all the pending issues and Articles of the Agreement.

The negotiations were concluded on 5 October 2015 and both pa ...

Time of supply for the purpose of GST

This article is based on the provisions of GST Act Section 17 and GST Regulation Section 14 to 22 ‘Time of supply’.

The general rule in determining the time of supply of goods and services is; the earlier of the time at which a tax invoice/receipt/credit or debit note is issued or time at which the recipient make the full or partial payment. 

However, under some circumstances, the time of supply rule changes slightly. For example, where a payment for supplies has been agreed to be made within a specified period under an installment agreement, the time of supply shall ...

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