You are required to submit this schedule if you are a resident of the Maldives and hold 10% or more in the share capital of a controlled foreign entity as specified in Section 70 of the Income Tax Act.
In order to determine whether or not you hold 10% in the share capital of the foreign entity, you must include interest of all your associates held in the share capital of that foreign entity.
If you hold more than 10% in the share capital of more than one Controlled Foreign Entity, you must submit this schedule for each of such entities separately.
Please note that this schedule must be submitted to MIRA via MIRAconnect together with your income tax return (MIRA 604), or if permitted under section 103 of the Income Tax Regulation, to MIRA counter with your income tax return.
You can download Schedule 5 - Reporting of share of taxable income from Controlled Foreign Entities from here.
