Income tax for companies in the Maldives

Income tax for companies in the Maldives

The Maldives Tax Authority (MIRA) issued a circular that changed the reporting rules for legal entities. From now on, organizations must file interim income tax returns. In this case, the submission is carried out without fail and in electronic form.

All companies that pay income tax are required to submit these returns. In accordance with the provisions of circular 220-TD / CIR / 2020/07 of August 17, 2020, companies with an annual turnover of more than Rs 10 million are required to publish electronic declarations. Submitting documents must submit reports on Form MIRA603.

If the company’s annual turnover exceeds Rs 30 million, it is also required to make milestone payments through the online service MIRAconnect or through the general real-time settlement service MRTGS.

Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information. Also, please visit our website for further updates.