Income Tax

Income Tax is levied under the Income Tax Act (Law Number 25/2019). The act was published in the Government Gazette on 17 December 2019 and taxation under the act is set to commence on 1 January 2020. However, remuneration will come within the purview of income effective 1 April 2020. The Business Profit Tax regime imposed under the Business Profit Tax Act would be repealed with the commencement of Income Tax.

Tax residents of Maldives are taxed on their worldwide income, whereas non-residents are taxed on the income derived from Maldives.


Tax Rates

Individuals

Tax bracket ( taxable income per tax year) Tax rate
Not exceeding MVR 720,000 0%
More than MVR 720,000 but not exceeding MVR 1,200,000 5.5%
More than MVR 1,200,000 but not exceeding MVR 1,800,000 8%
More than MVR 1,800,000 but not exceeding MVR 2,400,000 12%
More than MVR 2,400,000 15%

Employee withholding tax

Tax bracket (Remuneration subject to employee withholding tax per month) Tax rate
Not exceeding MVR 60,000 0%
More than MVR 60,000 but not exceeding MVR 100,000 5.5%
More than MVR 100,000 but not exceeding MVR 150,000 8%
More than MVR 150,000 but not exceeding MVR 200,000 12%
More than MVR 200,000 15%

Non-resident withholding tax

Type of income received by the non-resident Tax rate
Income specified in the section 55(a) of the Income Tax Act 10%
Payments made to a non-resident contractor 5%

Persons other than individuals and banks

Tax bracket ( taxable income per tax year) Tax rate
Not exceeding MVR 500,000 0%
More than MVR 500,000 15%

Banks

25% of the taxable income per tax year


Income derived, from Maldives, by non-resident international transport operators

2% of the gross amount of income (specified in section 11(r) of the Income Tax Act) in a tax year

Tax Rulings

There are no items at this time.

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Flyers and brochures

Indicative Margin

Section 7 of the Transfer Pricing Regulation (Regulation Number 2020/R-43) exempts the applicable entity from preparing transfer pricing documents for loan transactions undertaken with an associated party, if the loan amount does not exceed MVR 15 million, and the following indicative margin applied.


Associated party loan not exceeding MVR 15 million obtained or provided during the period Indicative Margin
1 January 2020 to 31 December 2020 +1%
1 January 2021 to 31 December 2021 +1%
1 January 2022 to 31 December 2022 +1%

If a taxpayer chooses to apply the indicative margin, the rate used should be the indicative policy rate published by the Maldives Monetary Authority plus the indicative margin above.

FAQ

1 - When did the Income tax Act become effective?

The Income Tax Bill was signed into a law by the President on 17 December 2019. The taxation under the Act started on 1 January 2020. However, taxation of remuneration under the Act  commenced on 1 April 2020.

2 - Who are the persons affected by the Income Tax Act?

Residents of Maldives, and persons who are not residents or temporary residents but derives income from Maldives come within the purview of the Income tax Act.

 

3 - What are the tax rates applicable to an individual under the Income Tax Act?

Income Tax is charged on the taxable income of an individual as per the table below. 

Tax brackets for taxable income derived in an accounting period Tax Rate
Not exceeding MVR 720,000/-  0%
More than MVR 720,000/- but not exceeding MVR 1,200,000/-  5.5%
More than MVR 1,200,000/- but not exceeding MVR 1,800,000/-  8%
More than MVR 1,800,000/- but not exceeding MVR 2,400,000/-  12%
More than MVR 2,400,000/-  15%

 

4 - What is employee withholding tax?

The amount of tax deducted by an employer or payer from the remuneration payable to an employee, director of a company or partner of a partnership is referred to as the employee withholding tax.

 

5 - When was the employee withholding tax commenced?

Since taxation of remuneration was  commenced on 1 April 2020, employee withholding tax was also commenced on 1 April 2020.

6 - How is the employee withholding tax different from the Income Tax?

Employee withholding is a mechanism where the tax due on remuneration is deducted by the payer, before the remuneration reaches the employee, director or partner. Individuals would not double pay the amount of tax that had been already paid on remuneration through the withholding mechanism. Effectively there is no difference between employee withholding tax and Income Tax, except that an amount of tax on remuneration (income) is paid through the withholding mechanism in the case of employee withholding tax.

 

7 - What are the employee withholding tax rates under the Income tax Act?

Employee Withholding Tax (EWT) shall be deducted at below rates

Remuneration subject to withholding tax (per month) Tax Rate
Not exceeding MVR 60,000  0%
More than MVR 60,000 but not exceeding MVR 100,000  6%
More than MVR 100,000 but not exceeding MVR 150,000  8%
More than MVR 150,000 but not exceeding MVR 200,000  12%
More than MVR 200,000  15%

 

8 - How is "remuneration" defined?

Remuneration includes salary, wages, allowances and benefits derived by an employee or director or partner as consideration for services rendered by the employee or director or partner. It also includes any compensation for loss of employment or service, restrictive covenant payment, and entry or exit inducement payment. Benefits include any fringe benefits, both cash and non-cash.

 

9 - How is remuneration subject to [employee] withholding tax calculated?

Remuneration subject to withholding tax is the amount of remuneration per month, after the deduction of the amount contributed to the Maldives Retirement Pension Scheme by the recipient of the remuneration.

10 - I had been registered as a taxpayer with MIRA even before the Income Tax commenced. Am I required to register again under the Income Tax Act?

If your registration as a taxpayer with MIRA was valid as of 1 January 2020, you are not required to apply for registration under the Income Tax Act. However, in that case, MIRA would register you under the Income Tax Act based on the information it has and notify you of your registration.

 

11 - Are companies, partnerships, cooperative societies required to be registered under the Income Tax Act?

Yes, companies, partnerships or cooperative societies are required to be registered under the Income Tax Act. However, the process is arranged in such a way that companies, partnerships or cooperative societies that are incorporated in the Maldives get registered under the Income Tax Act during the business registration process with the Ministry of Economic Development (MED), and therefore a separate form is not required to be submitted to MIRA for registration.

 

12 - I am an individual doing business in the Maldives, and my business is registered with MED as a sole proprietorship. Am I required to be registered under the Income Tax Act?

Yes, individuals carrying on business through a sole proprietorship are also required to register under the Income Tax Act. However, like corporate entities, such individuals are not required to submit a separate form to MIRA for registration, as it is done during the business registration process with the MED.

 

13 - If a foreign national stays in the Maldives for more than a half year, would that individual be considered as a resident for the purpose of the Income Tax?

If a foreign national stays legally in the Maldives for 183 days or more, and is not married to a citizen of the Maldives, that individual would be considered as a temporary resident for the purpose of the Income Tax.

14 - How does the taxation of a resident differ from that of a temporary resident?

The main difference is that, a resident would be taxed on income derived from both the Maldives and elsewhere, while a temporary resident would be taxed only on income derived from the Maldives.

 

15 - Who is a non-resident?

A non-resident is a person who is neither a resident nor a temporary resident.

 

16 - Temporary residents and non-residents are taxed only on the income derived from the Maldives. How does one differ from the other?

Persons carrying on business in the Maldives are required to deduct non-resident withholding tax from certain payments made to a non-resident, while this requirement is not there when a payment is made to a temporary resident.

 

Income Tax Fine Calculator

Choose your Accounting Period

    
From
To

Choose Your Filing & Payment Dates

First Interim Second Interim Final Return
Due Dates
Filing Date
Payment Date

Fines

First Interim Second Interim Final Return
Days Due for Filing 485 302 152
Days Due For Payment 485 302 152
Fine For Late Filing
Reference: TAA 65(b)2
24,250.00 15,100.00 7,600.00
Fine For Late Filing
Reference: TAA 65(b)1
0.00 0.00 0.00
Fine For Late Payment
Reference: TAA 66(b)
0.00 0.00 0.00
Total Fines 24,250.00 15,100.00 7,600.00

Total Payable

First Interim Second Interim Final Return
Amount of Tax
Amount of Fine 24,250.00 15,100.00 7,600.00
Total Amount 24,250.00 15,100.00 7,600.00

Banks and non-banking financial institutions approved by the Commissioner General

Below is the list of banks and non-banking financial institutions that have been approved by the Commissioner General (CG) and MIRA for the purpose of the section 22 and section 55(a)(3) of the Income Tax Act (ITA) respectively. The 6% cap on interest deduction specified in the Section 22 of the ITA, and non-resident withholding tax on interest required to be deducted under the section 55(a)(3) of the ITA do not apply where the interest is paid to a bank or non-banking financial institution on this list.


  1. Any bank that has been granted a banking license by the central bank of the country of operation of that bank.

  2. Any housing finance business or leasing finance business licensed by the central bank or the respective regulatory body of the country of operation of that business.

  3. Any development finance business licensed by the MMA.

  4. Any insurance business licensed by the MMA.

  5. The following IFIs and agencies controlled by such institutions:

Name Approved Date
1. World Bank 1 January 2020
2. International Monetary Fund (IMF) 1 January 2020
3. Asian Development Bank (ADB) 1 January 2020
4. Islamic Development Bank (IDB) 1 January 2020
5. European Investment Bank (EIB) 1 January 2020
6. European Bank for Reconstruction and Development (EBRD) 1 January 2020
7. Nordic Investment Bank (NIB) 1 January 2020
8. OPEC Fund for International Development (OFID) 1 January 2020
9. Deutsche Investitions- und Entwicklungsgesellschaft (DEG) 1 January 2020
10. Groupe Agence Française de Développement (AFD) 1 January 2020
11. Asian Infrastructure Investment Bank (AIIB) 1 January 2020

If you wish to add an IFI to the list of IFI, you may request the Commissioner General of Taxation in writing.

Please refer to Chapter 7 of the Income Tax Regulation (Regulation Number 2020/R-21) for further details.


Charitable Organizations approved by the Commissioner General

A body or association that wishes to be listed as a charitable organization approved by the Commissioner General must submit MIRA 103 form, in accordance with the chapter 6 of the Income Tax Regulation.

List of the Charitable Organizations approved by the Commissioner General

 

Association Name

Registration No

Valid From

Valid To

1

Society for Awareness Fostering & Enlightment

MIRA103/2020/12

19 Oct 20

30 Jun 23

+

2

Aage Foundation

MIRA103/2021/08

02 Mar 21

30 Jun 23

+

3

Aboobakuru Ali Foundation

MIRA103/2021/19

14 Jul 21

30 Jun 23

+

4

Adam Kaleyge Hussain Foundation

MIRA103/2022/07

30 May 22

30 Jun 23

+

5

Advocating the Rights of Children (ARC)

MIRA103/2012/04

05 Apr 12

30 Nov 20

+

6

Aged Care Maldives

MIRA103/2012/13

05 Apr 12

30 Jun 23

+

7

Ajfan International Badminton Academy

MIRA103/2022/15

04 Jul 22

30 Jun 23

+

8

Alifulhu Thuthu Foundation

MIRA103/2012/17

05 Apr 12

30 Jun 23

+

9

American Bar Association Maldives Rule of Law Initiative

MIRA103/2021/23

24 Oct 21

30 Jun 23

+

10

Architects Association Maldives

RGS/NGO/2019/30

31 Dec 19

30 Jun 22

+

11

Association of Lady Entrepreneurs

MIRA103/2019/05

04 Mar 19

30 Jun 23

+

12

Atmosphere Foundation

MIRA103/2022/05

21 Mar 22

30 Jun 23

+

13

Baa Goidhoo Sports and Youth Development Society

MIRA103/2019/12

04 Aug 19

31 Aug 21

+

14

Benefit

MIRA103/2019/15

14 Oct 19

31 Aug 21

+

15

Bicycle Association of Maldives

RGS/NGO/2017/46

04 Dec 17

30 Nov 20

+

16

Cancer Society of Maldives

MIRA103/2013/15

14 May 13

30 Jun 23

+

17

Care for Our People and Environment (COPE)

MIRA103/2020/04

18 Feb 20

30 Jun 22

+

18

Care Society

MIRA103/2012/07

07 May 12

30 Jun 23

+

19

Clean Maldives

MIRA103/2022/06

11 May 22

30 Jun 23

+

20

Club Dhonfan

MIRA103/2020/07

05 Mar 20

30 Jun 23

+

21

Club Eydhafushi

MIRA103/2020/02

04 Feb 20

31 Aug 21

+

22

Club Mugoo Sports

MIRA103/2019/04

04 Mar 19

30 Jun 22

+

23

Club Polestar

MIRA103/2022/26

13 Nov 22

30 Jun 23

+

24

Coastline Foundation

MIRA103/2013/18

20 Jun 13

30 Nov 20

+

25

Community Development Initiatives

MIRA103/2016/01

03 Jan 16

30 Jun 23

+

26

Coralive Maldives

MIRA103/2022/03

26 Jan 22

30 Jun 23

+

27

Customs Recreation Club

MIRA103/2018/08

03 May 18

30 Jun 23

+

28

Decagan Sports

MIRA103/2018/10

04 Jun 18

30 Nov 20

+

29

Dhivehi Masverin

MIRA103/2022/13

26 Jun 22

30 Jun 23

+

30

Dhivehi Raajjeyge Israhvehinge Jamiyya

MIRA103/2021/01

04 Jan 21

30 Jun 22

+

31

Dhivehi Sifainge Club

MIRA103/2019/14

14 Oct 19

30 Jun 23

+

32

Diabetes Society of Maldives

MIRA103/2012/19

05 Apr 12

30 Jun 22

+

33

E.P.S Foundation

MIRA103/2020/11

19 Oct 20

30 Jun 22

+

34

Eco Youth

MIRA103/2012/60

16 Dec 12

30 Jun 23

+

35

Ehee Jamiyya

MIRA103/2020/03

18 Feb 20

31 Aug 21

+

36

Ekuveri Club

MIRA103/2016/07

28 Feb 16

31 Aug 21

+

37

Enlighten a Mindful Community

MIRA103/2021/10

01 Mar 21

30 Jun 22

+

38

Evidence Based Practice Health Champions Maldives

RGS/NGO/2016/21

02 Jul 16

30 Nov 20

+

39

Faaf Magoodhoo Zuvaanunge Club

MIRA103/2014/2

13 Nov 14

31 Aug 21

+

40

Falcon Youth & Recreation

MIRA103/2019/01

06 Jan 19

30 Jun 22

+

41

Family Legal Clinic

MIRA103/2021/05

08 Feb 21

30 Jun 23

+

42

FEM Health

MIRA103/2021/18

05 Jul 21

30 Jun 22

+

43

Fonadhoo Zuvaanunge Rooh

MIRA103/2019/16

14 Oct 19

30 Nov 20

+

44

Football Association of Maldives

MIRA103/2019/19

01 Dec 19

30 Nov 20

+

45

Foundation For a Better Future

MIRA103/2016/02

17 Jan 16

30 Jun 23

+

46

Foundation of Eydhafushi Youth Linkage (Feyli)

MIRA103/2016/08

22 Mar 16

30 Jun 23

+

47

Gaafaru Youth Club

MIRA103/2022/02

17 Jan 22

30 Jun 23

+

48

Guesthouse Association of Maldives

MIRA103/2020/09

14 Jul 20

31 Aug 21

+

49

Handball Maldives

MIRA103/2022/16

04 Jul 22

30 Jun 23

+

50

Handstogether

MIRA103/2021/14

23 May 21

30 Jun 23

+

51

Hemophilia Society of Maldives

MIRA103/2019/17

14 Oct 19

30 Nov 20

+

52

Hira Foundation

MIRA103/2021/22

31 Aug 21

30 Jun 23

+

53

Hiyaa Foundation

MIRA103/2021/26

05 Dec 21

30 Jun 22

+

54

Hope For Women

MIRA103/2016/11

28 Mar 16

30 Jun 22

+

55

Hulhudhuffaaru Zuvaanunge Rooh

MIRA103/2018/03

13 Feb 18

30 Jun 23

+

56

Hulhumale Women's Development Association

MIRA103/2022/19

22 Sep 22

30 Jun 23

+

57

Huvadhoo Association for Tourism

RGS/NGO/2021/17

26 Apr 21

30 Jun 22

+

58

Icons Association

MIRA103/2022/09

09 Jun 22

30 Jun 23

+

59

Iluminate Laamu Movement

MIRA103/2018/13

14 Nov 18

30 Jun 19

+

60

Institute of Chartered Accountants of the Maldives

MIRA103/2021/06

17 Feb 21

30 Jun 23

+

61

International Center for Environment, Development and Operational Research (ENDEVOR)- Maldives

MIRA103/2018/06

07 Jun 18

30 Jun 22

+

62

International Pole and Line Foundation-Maldives (IPNLF-Maldives)

MIRA103/2021/03

20 Jan 21

23 Jun 22

+

63

International Republican Institute Maldives

MIRA103/2021/16

30 May 21

30 Jun 23

+

64

Islaamee Eheetherikamuge Gulhun

MIRA103/2012/02

05 Apr 12

30 Jun 23

+

65

Islamic United Foundation for Asaas Vinavi and Iyaar

MIRA103/2012/54

08 Oct 12

30 Jun 23

+

66

Island Development & Environmental Awareness Society

MIRA103/2014/20

25 Jan 15

30 Nov 20

+

67

IUCN Maldives

MIRA103/2021/02

07 Jan 21

30 Jun 23

+

68

Jam'iyyathu Thahfeezil Quranil Kareem

MIRA103/2022/10

09 Jun 22

30 Jun 23

+

69

Jamiyyath Salaf

MIRA103/2012/26

26 Mar 12

30 Jun 22

+

70

Jamiyyathu Nidhaau Al Islam

MIRA103/2015/11

11 Aug 15

31 Aug 21

+

71

Jamiyyathu Rahma

MIRA103/2022/01

04 Jan 22

30 Jun 23

+

72

Jamiyyathul Akhawath

MIRA103/2022/17

18 Sep 22

30 Jun 23

+

73

Jamiyyathul Falaah

MIRA103/2013/28

16 Dec 13

30 Jun 23

+

74

Jamiyyathul Inthibaah

MIRA103/2022/21

22 Sep 22

30 Jun 23

+

75

Jamiyyathul Islam

MIRA103/2017/24

12 Oct 17

30 Jun 23

+

76

Jamiyyathul Ulaama

RGS/NGO/2019/31

31 Dec 19

30 Nov 20

+

77

Journey

MIRA103/2012/20

05 Apr 12

30 Jun 22

+

78

Junior Chamber International Addu (Maldives)

MIRA103/2019/07

29 Apr 19

30 Jun 22

+

79

Justice Initiative

MIRA103/2020/08

11 Jun 20

31 Aug 21

+

80

Kandoo Sports Club

MIRA103/2021/33

16 Dec 21

30 Jun 22

+

81

Kela Thutthu Foundation

MIRA103/2021/21

23 Aug 21

30 Jun 23

+

82

Kihaadhoo Development Society (Kids)

MIRA103/2016/13

17 May 16

30 Nov 20

+

83

Laamu Youth Development

MIRA103/2020/05

18 Feb 20

31 Aug 21

+

84

LFC Supporters Club of Maldives

MIRA103/2019/02

05 Feb 19

30 Jun 23

+

85

Mahaldheeb Foundation

MIRA103/2014/15

24 Sep 14

30 Jun 22

+

86

Maishan Sports and Recreation

MIRA103/2017/13

29 May 17

30 Nov 20

+

87

Maldives Association of Human Resource Professionals

MIRA103/2018/15

09 Aug 18

30 Jun 23

+

88

Maldives Association of Tourism Industry

MIRA103/2022/23

24 Oct 22

30 Jun 23

+

89

Maldives Association of Travel Agents and Tour Operators (MATATO)

MIRA103/2020/13

04 Nov 20

30 Jun 23

+

90

Maldives Autism Association

MIRA103/2021/02

20 Jan 21

30 Jun 22

+

91

Maldives Basketball Association

MIRA103/2022/14

27 Jun 22

30 Jun 23

+

92

Maldives Computer Society

MIRA103/2017/26

21 Nov 17

30 Nov 20

+

93

Maldives Family Foundation

MIRA103/2019/13

03 Oct 19

30 Jun 22

+

94

Maldives Girl Guide Association

MIRA103/2012/01

05 Apr 12

30 Jun 22

+

95

Maldives Girl Guides Association

MIRA103/2022/24

24 Oct 22

30 Jun 23

+

96

Maldives National Association of Construction Industry (MNACI)

MIRA103/2012/50

01 Oct 12

30 Nov 20

+

97

Maldives Ocean Plastic Alliance

MIRA103/2021/27

05 Dec 21

30 Jun 23

+

98

Maldives Olympic Committee

MIRA103/2021/24

04 Nov 21

30 Jun 22

+

99

Maldivian Community Foundation

MIRA103/2020/01

30 Jan 20

30 Jun 23

+

100

Maldivian Network for Empowering Women

MIRA103/2019/03

14 Feb 19

30 Nov 20

+

101

Maldivian Red Crescent

MIRA103/2012/15

07 May 12

30 Jun 23

+

102

Male' Sports Club

MIRA103/2017/10

30 Mar 17

30 Jun 22

+

103

Mission for Migrant Workers Maldives

MIRA103/2020/16

24 Dec 20

30 Jun 22

+

104

Moms Offering Moms Support (MOMS)

MIRA103/2022/20

22 Sep 22

30 Jun 23

+

105

Music House

MIRA103/2019/10

09 Jul 19

30 Jun 22

+

106

Musicians' Union of Maldives

MIRA103/2021/15

25 May 21

30 Jun 23

+

107

Muslimunge Gulhun

MIRA103/2012/05

07 May 12

30 Jun 22

+

108

Naifaru Juvenile

MIRA103/2019/08

29 Apr 19

30 Jun 23

+

109

Naseyhai

MIRA103/2022/12

26 Jun 22

30 Jun 23

+

110

Navaara Bahthirees

MIRA103/2020/10

08 Sep 20

31 Aug 21

+

111

Navaranna Foundation

MIRA103/2019/20

08 Dec 19

30 Nov 20

+

112

Neighbourhood Association

MIRA103/2022/28

29 Nov 22

30 Jun 23

+

113

No Plastic Maldives

MIRA103/2022/22

24 Oct 22

30 Jun 23

+

114

Para Sports Club

MIRA103/2022/25

01 Nov 22

30 Jun 23

+

115

Parley Maldives

MIRA103/2015/13

26 Nov 15

30 Jun 23

+

116

Peace Foundation

MIRA103/2017/02

15 Feb 17

30 Jun 22

+

117

Project Hope

MIRA103/2012/39

09 May 12

30 Jun 23

+

118

Public Interest Law Centre

RGS/NGO/2019/09

23 Jun 19

30 Jun 23

+

119

Restaurant Association of Maldives

MIRA103/2020/14

22 Nov 20

31 Aug 21

+

120

Save Our Waves

MIRA103/2021/25

21 Nov 21

30 Jun 22

+

121

Save the Beach Maldives

MIRA103/2019/18

12 Nov 19

30 Jun 22

+

122

Small Island Geographic Society

MIRA103/2018/12

04 Jul 18

30 Jun 23

+

123

SME and Entrepreneurs Federation of Maldives (SEFM)

RGS/NGO/2019/06

24 Mar 19

30 Jun 22

+

124

Society For Health Education

MIRA103/2021/07

21 Feb 21

30 Jun 22

+

125

Soneva Namoona

MIRA103/2020/15

22 Dec 20

30 Jun 23

+

126

Sun Siyam Care

MIRA103/2012/12

07 May 12

30 Jun 23

+

127

Tennis Association of Maldives

RGS/NGO/2019/28

30 Dec 19

30 Jun 23

+

128

Thakandhoo Ekuveringe Rooh

MIRA103/2021/11

17 Mar 21

30 Jun 23

+

129

The Maldives National University Student’s Union (MNUSU)

RGS/NGO/2020/06

25 Feb 20

30 Jun 23

+

130

The Scout Association of Maldives

MIRA103/2021/29

26 Dec 21

30 Jun 22

+

131

Tiny Hearts of Maldives

MIRA103/2012/35

09 May 12

31 Aug 21

+

132

Transparency Maldives

MIRA103/2012/55

08 Oct 12

30 Jun 23

+

133

United For My Meedhoo Youth Development

MIRA103/2021/31

30 Dec 21

30 Jun 22

+

134

Uthema

MIRA103/2021/04

25 Jan 21

30 Jun 23

+

135

V.A.M FOUNDATION

MIRA103/2013/20

03 Sep 13

30 Jun 23

+

136

Villa Foundation

MIRA103/2012/11

07 May 12

31 Aug 21

+

137

Vitric

MIRA103/2020/15

22 Dec 20

30 Jun 23

+

138

Watercare

RGS/NGO/2019/11

10 Jul 19

30 Jun 22

+

139

Women Entrepreneurs Association of Maldives

MIRA103/2021/09

25 Feb 21

30 Jun 22

+

140

Women in Tech Maldives

RGS/NGO/2019/27

11 Dec 19

30 Jun 23

+

141

Women of Will (WOW)

MIRA103/2021/20

22 Aug 21

30 Jun 22

+

142

Women on Boards

MIRA103/2015/06

05 May 15

30 Jun 23

+

143

Zigzag for Youth Linkage

MIRA103/2021/17

03 Jun 21

30 Jun 22

+

144

Zurash Foundation

MIRA103/2017/18

17 Aug 17

30 Jun 23

+


International Accounting Standards approved by the Commissioner General

These are the international accounting standards approved by the Commissioner General for the purpose of Section 13(b) of the Income Tax Act.

Name
1. International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS)
2. International Financial Reporting Standards for Small and Medium sized Entities (IFRS for SMEs)
3. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Standards


MIRA Approved Auditors

Persons required to submit an Auditor’s Report together with their Income Tax return, pursuant to section 104 of the Income Tax Regulation, must submit an Auditor’s Report signed by an independent auditor licensed by the relevant authority at the time of submission of the person’s income tax return.

View the list

Industry Codes

  • Agriculture, forestry and fishing
  • A1 Crop cultivation and related service activities (including agricultural activities)
  • A2 Forestry and loggin
  • A3 Poultry/animal production and related service activitie
  • A4 Fishing
  • A5 Aquiculture/mariculture
  • Mining and quarrying
  • B1 Mining of sand
  • B2 Extraction of crude petroleum and natural gas
  • B3 Mining of metal ores
  • B4 Other mining and quarrying
  • B5 Mining support service activities
  • Manufacturing
  • C1 Manufacture of fish products
  • C2 Manufacture of agricultural products
  • C3 Manufacture of other food products
  • C4 Manufacture of beverages
  • C5 Manufacture of textiles
  • C6 Manufacture of tobacco products
  • C7 Manufacture of wearing apparels
  • C8 Manufacture of leather and related products
  • C9 Manufacture of wood and products of wood and cork, except furniture
  • C10 Manufacture of paper and paper products
  • C11 Manufacture of coke and refined petroleum products
  • C12 Manufacture of chemicals and chemical products
  • C13 Printing and reproduction of recorded media
  • C14 Manufacture of basic pharmaceutical products and pharmaceutical preparations
  • C15 Manufacture of rubber and plastics products
  • C16 Manufacture of other non-metallic mineral products
  • C17 Manufacture of basic metals
  • C18 Manufacture of fabricated metal products, except machinery and equipment
  • C19 Manufacture of computer, electronic and optical products
  • C20 Manufacture of electrical equipment
  • C21 Manufacture of machinery and equipment n.e.c.
  • C22 Manufacture of motor vehicles, trailers and semi-trailers (including boat building)
  • C23 Manufacture of other transport equipment
  • C24 Manufacture of furniture
  • C25 Manufacture of handicrafts and souvenirs
  • C26 Repair and installation of machinery and equipment
  • C27 Other manufacturing
  • Electricity, gas, steam and air-conditioning supply
  • D1 Electricity, gas, steam and air-conditioning supply
  • Water supply, sewerage, waste management and remediation activities
  • E1 Water collection, desalination, treatment and supply
  • E2 Sewerage
  • E3 Waste collection, treatment and disposal activities; materials recovery
  • E4 Remediation activities and other waste management services
  • Construction
  • F1 Construction of buildings
  • F2 Civil engineering
  • F3 Specialized construction activities
  • Wholesale and retail trade; repair of motor vehicles and motor cycles
  • G1 Wholesale and retail trade and repair of motor vehicles and motorcycles
  • G2 Wholesale trade, except of motor vehicles and motorcycles
  • G3 Retail trade, except of motor vehicles and motor cycles
  • G4 Wholesale and retail trade of food and related products
  • G5 Wholesale and retail trade of electric and electronic products
  • G6 Wholesale and retail trade of clothing and foot wear
  • G7 Wholesale and retail trade of construction materials
  • G8 Wholesale and retail trade of souvenirs and related products
  • Transportation and storage
  • H1 Land transport services and transport via pipelines
  • H2 Sea transport services
  • H3 Air transport services
  • H4 Warehousing and support activities for transportation
  • H5 Postal and courier activities
  • Accommodation and food service activities
  • I1 Guest house (for locals only)
  • I2 Food and beverage service activities
  • I3 Other accommodation
  • Information and communication
  • J1 Publishing activities
  • J2 Motion picture, video and television programme production, sound recording and music publishing activities
  • J3 Programming and broadcasting activities
  • J4 Telecommunications
  • J5 Computer programming, consultancy and related activities
  • J6 Information service activities
  • Financial and insurance activities
  • K1 Banking and financial service activities, except insurance and pension funding
  • K2 Insurance, reinsurance and pension funding, except compulsory social security
  • K3 Activities auxiliary to financial service and insurance activities
  • Real estate activities
  • L1 Real estate activities
  • Professional, scientific and technical activities
  • M1 Legal and accounting activities
  • M2 Activities of head offices; management consultancy activities
  • M3 Architecture and engineering activities; technical testing and analysis
  • M4 Scientific research and development
  • M5 Advertising and market research
  • M6 Other professional, scientific and technical activities
  • M7 Veterinary services
  • Administrative and support service activities
  • N1 Rental and leasing activities
  • N2 Employment activities; employment agencies, recruitment services
  • N3 Reservation service and related activities
  • N4 Security and investigation activities
  • N5 Services to building and landscape activities
  • N6 Office administrative, office support and other business support activities
  • Public administration and defence; compulsory social security
  • O1 Public administration and defence; compulsory social security
  • Education
  • P1 University, colleges
  • P2 Public and private schools
  • P3 Pre-primary and primary education
  • P4 Secondary education
  • P5 Higher education
  • P6 Computer training institutions
  • P7 General tuition classes
  • P8 Tuition services
  • P9 Quran classes
  • P10 Vocational and technical educational institutes
  • P11 Sports and recreation education
  • P12 Other education
  • P13 Educational support activities
  • Human health and social work activities
  • Q1 Hospitals and other health activities
  • Q2 Residential care services
  • Q3 Social work activities without accommodation
  • Arts, entertainment and recreation
  • R1 Creative, arts and entertainment activities
  • R2 Libraries, archives, museums and other cultural activities
  • R3 Sports activities and amusement and recreation activities
  • Other service activities
  • S1 Activities of membership organizations
  • S2 Repair of computers and personal and household goods
  • S3 Other personal service activities
  • Activities of households
  • T1 Activities of households as employers; undifferentiated goods and services-producing activities of households for own use
  • Extraterritorial organizations and bodies
  • U1 Activities of extraterritorial organizations and bodies
  • Tourism sector
  • V1 Tourist resort
  • V2 Tourist hotel
  • V3 Tourist guest house
  • V4 Tourist vessel
  • V5 Picnic island
  • V6 Yacht marina
  • V7 Diving school located on an establishment in V1 to V6
  • V8 Shop located on an establishment in V1 to V6
  • V9 Spa located on an establishment in V1 to V6
  • V10 Water sports facility located on an establishment in V1 to V6
  • V11 Other facility located on an establishment in V1 to V6 (other than staff shop)
  • V12 Tour operator and travel agency service provider
  • V13 Foreign tourist vessels’ agent
  • V14 Domestic air transport provider