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 well in advance, and submit BPT return if they are required to. Taxpayers are advised not wait till the deadline before submitting their return.

To prepare for the BPT deadline, one of the most import things taxpayers can do is to prepare financial statements that must be submitted along with the BPT return. If the financial statements are required to be audited, an auditor’s report signed by a MIRA registered auditor must also be submitted along with the return.

If you have any difficulty in completing your BPT return or financial documents, you may seek assistance from MIRA approved tax agents listed on our website.