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.