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 The Business Profit Tax regime imposed under the Business Profit Tax Act would be repealed with the commencement of Income Tax.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

Forms

  • 20 Sep 21 : MIRA 602 Non-resident Withholding Tax Return (English) (Version 21.3) - For periods starting from August 2021 onwards
  • 09 Sep 21 : How to complete MIRA 603 (Interim Return)
  • 22 Aug 21 : MIRA 608 Capital Gains Withholding Tax Return - fillable
  • 18 Aug 21 : MIRA 608 Capital Gains Withholding Tax Return
  • 20 Sep 21 : A comprehensive Guide on the Income Tax Return (MIRA 604)
  • 12 Sep 21 : MIRA 603 Interim Return (English) (Version 21.3) (Fillable) - For tax years from 2021 onwards
  • 12 Sep 21 : MIRA 603 Interim Return (English) (Version 21.3) - For tax years from 2021 onwards
  • 05 Aug 21 : MIRA 605 Income Tax Return - Insurance Businesses (English)
  • 05 Aug 21 : MIRA 605 Income Tax Return - Insurance Businesses (English) (Fillable)
  • 24 Mar 21 : Income Tax Return - Banks (Fillable)
  • View all

    Guides

  • 09 Sep 21 : How to complete Interim Return (MIRA 603, Version 21.3)
  • 05 Sep 21 : Income Tax registration requirements (Dhivehi)
  • 24 Aug 21 : Income Tax registration requirements (English)
  • 23 Aug 21 : Income tax return filing requirements for tax year 2020 (Dhivehi)
  • 20 Sep 21 : A Comprehensive Guide on the Income Tax Return (MIRA 604)
  • 31 Aug 21 : Income tax return filing requirements for tax year 2020
  • 23 Feb 21 : Transfer Pricing: Documentation guidelines (Draft)
  • 10 Feb 21 : Transfer Pricing: Application of the arm’s length principle (Draft)
  • 01 Feb 21 : Income Tax Return (MIRA 604) instructions for persons deriving remuneration and rental income from immovable property [20% deduction option]
  • 01 Mar 21 : Income Tax Return (MIRA 604) instructions for persons deriving only rental income from immovable property [20% deduction option]
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    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%

    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 would start 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 does the employee withholding tax commence?

    Since taxation of remuneration is due to commence on 1 April 2020, employee withholding tax will also commence 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?
    Remuneration subject to withholding tax (per month)
     [Tax brackets]
     
    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%

     

    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.

     

    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 22

    +

    2

    Aage Foundation

    MIRA103/2021/08

    02 Mar 21

    30 Jun 22

    +

    3

    Aboobakuru Ali Foundation

    MIRA103/2021/19

    14 Jul 21

    30 Jun 22

    +

    4

    Advocating the Rights of Children (ARC)

    MIRA103/2012/04

    05 Apr 12

    30 Nov 20

    +

    5

    Aged Care Maldives

    MIRA103/2012/13

    05 Apr 12

    30 Jun 22

    +

    6

    Alifulhu Thuthu Foundation

    MIRA103/2012/17

    05 Apr 12

    30 Jun 22

    +

    7

    Architects Association Maldives

    RGS/NGO/2019/30

    31 Dec 19

    30 Jun 22

    +

    8

    Association of Lady Entrepreneurs

    MIRA103/2019/05

    04 Mar 19

    30 Jun 22

    +

    9

    Baa Goidhoo Sports and Youth Development Society

    MIRA103/2019/12

    04 Aug 19

    31 Aug 21

    +

    10

    Benefit

    MIRA103/2019/15

    14 Oct 19

    31 Aug 21

    +

    11

    Bicycle Association of Maldives

    RGS/NGO/2017/46

    04 Dec 17

    30 Nov 20

    +

    12

    Cancer Society of Maldives

    MIRA103/2013/15

    14 May 13

    30 Jun 22

    +

    13

    Care for Our People and Environment (COPE)

    MIRA103/2020/04

    18 Feb 20

    30 Jun 22

    +

    14

    Care Society

    MIRA103/2012/07

    07 May 12

    30 Jun 22

    +

    15

    Club Dhonfan

    MIRA103/2020/07

    05 Mar 20

    30 Jun 22

    +

    16

    Club Eydhafushi

    MIRA103/2020/02

    04 Feb 20

    31 Aug 21

    +

    17

    Club Mugoo Sports

    MIRA103/2019/04

    04 Mar 19

    30 Jun 22

    +

    18

    Coastline Foundation

    MIRA103/2013/18

    20 Jun 13

    30 Nov 20

    +

    19

    Community Development Initiatives

    MIRA103/2016/01

    03 Jan 16

    30 Jun 21

    +

    20

    Customs Recreation Club

    MIRA103/2018/08

    03 May 18

    30 Jun 21

    +

    21

    Decagan Sports

    MIRA103/2018/10

    04 Jun 18

    30 Nov 20

    +

    22

    Dhivehi Raajjeyge Israhvehinge Jamiyya

    MIRA103/2021/01

    04 Jan 21

    30 Jun 22

    +

    23

    Dhivehi Sifainge Club

    MIRA103/2019/14

    14 Oct 19

    30 Jun 21

    +

    24

    Diabetes Society of Maldives

    MIRA103/2012/19

    05 Apr 12

    30 Jun 22

    +

    25

    E.P.S Foundation

    MIRA103/2020/11

    19 Oct 20

    30 Jun 22

    +

    26

    Eco Youth

    MIRA103/2012/60

    16 Dec 12

    30 Jun 22

    +

    27

    Ehee Jamiyya

    MIRA103/2020/03

    18 Feb 20

    31 Aug 21

    +

    28

    Ekuveri Club

    MIRA103/2016/07

    28 Feb 16

    31 Aug 21

    +

    29

    Enlighten a Mindful Community

    MIRA103/2021/10

    01 Mar 21

    30 Jun 22

    +

    30

    Evidence Based Practice Health Champions Maldives

    RGS/NGO/2016/21

    02 Jul 16

    30 Nov 20

    +

    31

    Faaf Magoodhoo Zuvaanunge Club

    MIRA103/2014/2

    13 Nov 14

    31 Aug 21

    +

    32

    Falcon Youth & Recreation

    MIRA103/2019/01

    06 Jan 19

    30 Jun 22

    +

    33

    Family Legal Clinic

    MIRA103/2021/05

    08 Feb 21

    30 Jun 22

    +

    34

    FEM Health

    MIRA103/2021/18

    05 Jul 21

    30 Jun 22

    +

    35

    Fonadhoo Zuvaanunge Rooh

    MIRA103/2019/16

    14 Oct 19

    30 Nov 20

    +

    36

    Football Association of Maldives

    MIRA103/2019/19

    01 Dec 19

    30 Nov 20

    +

    37

    Foundation For a Better Future

    MIRA103/2016/02

    17 Jan 16

    30 Jun 22

    +

    38

    Foundation of Eydhafushi Youth Linkage (Feyli)

    MIRA103/2016/08

    22 Mar 16

    30 Jun 22

    +

    39

    Guesthouse Association of Maldives

    MIRA103/2020/09

    14 Jul 20

    31 Aug 21

    +

    40

    Handstogether

    MIRA103/2021/14

    23 May 21

    30 Jun 22

    +

    41

    Hemophilia Society of Maldives

    MIRA103/2019/17

    14 Oct 19

    30 Nov 20

    +

    42

    Hira Foundation

    MIRA103/2021/22

    31 Aug 21

    30 Jun 22

    +

    43

    Hope For Women

    MIRA103/2016/11

    28 Mar 16

    30 Jun 22

    +

    44

    Hulhudhuffaaru Zuvaanunge Rooh

    MIRA103/2018/03

    13 Feb 18

    30 Jun 22

    +

    45

    Huvadhoo Association for Tourism

    RGS/NGO/2021/17

    26 Apr 21

    30 Jun 22

    +

    46

    Iluminate Laamu Movement

    MIRA103/2018/13

    14 Nov 18

    30 Jun 19

    +

    47

    Institute of Chartered Accountants of the Maldives

    MIRA103/2021/06

    17 Feb 21

    30 Jun 22

    +

    48

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

    MIRA103/2018/06

    07 Jun 18

    30 Nov 20

    +

    49

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

    MIRA103/2021/03

    20 Jan 21

    23 Jun 22

    +

    50

    International Republican Institute Maldives

    MIRA103/2021/16

    30 May 21

    30 Jun 22

    +

    51

    Islaamee Eheetherikamuge Gulhun

    MIRA103/2012/02

    05 Apr 12

    30 Jun 22

    +

    52

    Islamic United Foundation for Asaas Vinavi and Iyaar

    MIRA103/2012/50

    08 Oct 12

    30 Jun 22

    +

    53

    Island Development & Environmental Awareness Society

    MIRA103/2014/20

    25 Jan 15

    30 Nov 20

    +

    54

    IUCN Maldives

    MIRA103/2021/02

    07 Jan 21

    30 Jun 22

    +

    55

    Jamiyyath Salaf

    MIRA103/2012/26

    26 Mar 12

    30 Jun 21

    +

    56

    Jamiyyathu Nidhaau Al Islam

    MIRA103/2015/11

    11 Aug 15

    31 Aug 21

    +

    57

    Jamiyyathul Falaah

    MIRA103/2013/28

    16 Dec 13

    30 Jun 22

    +

    58

    Jamiyyathul Islam

    MIRA103/2017/24

    12 Oct 17

    30 Jun 22

    +

    59

    Jamiyyathul Ulaama

    RGS/NGO/2019/31

    31 Dec 19

    30 Nov 20

    +

    60

    Journey

    MIRA103/2012/20

    05 Apr 12

    30 Jun 22

    +

    61

    Junior Chamber International Addu (Maldives)

    MIRA103/2019/07

    29 Apr 19

    30 Jun 22

    +

    62

    Justice Initiative

    MIRA103/2020/08

    11 Jun 20

    31 Aug 21

    +

    63

    Kelaa Thuthu Foundation

    MIRA103/2021/21

    23 Aug 21

    30 Jun 22

    +

    64

    Kihaadhoo Development Society (Kids)

    MIRA103/2016/13

    17 May 16

    30 Nov 20

    +

    65

    Laamu Youth Development

    MIRA103/2020/05

    18 Feb 20

    31 Aug 21

    +

    66

    LFC Supporters Club of Maldives

    MIRA103/2019/02

    05 Feb 19

    30 Jun 22

    +

    67

    Mahaldheeb Foundation

    MIRA103/2014/15

    24 Sep 14

    30 Jun 22

    +

    68

    Maishan Sports and Recreation

    MIRA103/2017/13

    29 May 17

    30 Nov 20

    +

    69

    Maldives Association for Travel Agents and Tour Operators (MATATO)

    MIRA103/2020/13

    04 Nov 20

    30 Jun 22

    +

    70

    Maldives Association of Human Resource Professionals

    MIRA103/2018/15

    09 Aug 18

    30 Jun 22

    +

    71

    Maldives Autism Association

    MIRA103/2021/02

    20 Jan 21

    30 Jun 22

    +

    72

    Maldives Computer Society

    MIRA103/2017/26

    21 Nov 17

    30 Nov 20

    +

    73

    Maldives Family Foundation

    MIRA103/2019/13

    03 Oct 19

    30 Jun 22

    +

    74

    Maldives Girl Guide Association

    MIRA103/2012/01

    05 Apr 12

    30 Jun 22

    +

    75

    Maldives National Association of Construction Industry (MNACI)

    MIRA103/2012/50

    01 Oct 12

    30 Nov 20

    +

    76

    Maldivian Community Foundation

    MIRA103/2020/01

    30 Jan 20

    30 Jun 22

    +

    77

    Maldivian Network for Empowering Women

    MIRA103/2019/03

    14 Feb 19

    30 Nov 20

    +

    78

    Maldivian Red Crescent

    MIRA103/2012/15

    07 May 12

    30 Jun 22

    +

    79

    Male' Sports Club

    MIRA103/2017/10

    30 Mar 17

    30 Jun 22

    +

    80

    Mission for Migrant Workers Maldives

    MIRA103/2020/16

    24 Dec 20

    30 Jun 22

    +

    81

    Music House

    MIRA103/2019/10

    09 Jul 19

    30 Jun 22

    +

    82

    Musicians' Union of Maldives

    MIRA103/2021/15

    25 May 21

    30 Jun 22

    +

    83

    Muslimunge Gulhun

    MIRA103/2012/05

    07 May 12

    30 Jun 22

    +

    84

    Naifaru Juvenile

    MIRA103/2019/08

    29 Apr 19

    30 Jun 22

    +

    85

    Navaara Bahthirees

    MIRA103/2020/10

    08 Sep 20

    31 Aug 21

    +

    86

    Navaranna Foundation

    MIRA103/2019/20

    08 Dec 19

    30 Nov 20

    +

    87

    Parley Maldives

    MIRA103/2015/13

    26 Nov 15

    30 Jun 22

    +

    88

    Peace Foundation

    MIRA103/2017/02

    15 Feb 17

    30 Jun 22

    +

    89

    Project Hope

    MIRA103/2012/39

    09 May 12

    30 Jun 22

    +

    90

    Public Interest Law Centre

    RGS/NGO/2019/09

    23 Jun 19

    30 Jun 22

    +

    91

    Restaurant Association of Maldives

    MIRA103/2020/14

    22 Nov 20

    31 Aug 21

    +

    92

    Save the Beach Maldives

    MIRA103/2019/18

    12 Nov 19

    30 Jun 22

    +

    93

    Small Island Geographic Society

    MIRA103/2018/12

    04 Jul 18

    30 Jun 22

    +

    94

    SME and Entrepreneurs Federation of Maldives (SEFM)

    RGS/NGO/2019/06

    24 Mar 19

    30 Jun 22

    +

    95

    Society For Health Education

    MIRA103/2021/07

    21 Feb 21

    30 Jun 22

    +

    96

    Soneva Namoona

    MIRA103/2020/15

    22 Dec 20

    30 Jun 22

    +

    97

    Sun Siyam Care

    MIRA103/2012/12

    07 May 12

    30 Jun 21

    +

    98

    Tennis Association of Maldives

    RGS/NGO/2019/28

    30 Dec 19

    30 Jun 21

    +

    99

    Thakandhoo Ekuveringe Rooh

    MIRA103/2021/11

    17 Mar 21

    30 Jun 22

    +

    100

    The Maldives National University Student’s Union (MNUSU)

    RGS/NGO/2020/06

    25 Feb 20

    30 Jun 22

    +

    101

    Tiny Hearts of Maldives

    MIRA103/2012/35

    09 May 12

    31 Aug 21

    +

    102

    Transparency Maldives

    MIRA103/2012/55

    08 Oct 12

    30 Jun 22

    +

    103

    Uthema

    MIRA103/2021/04

    25 Jan 21

    30 Jun 22

    +

    104

    V.A.M FOUNDATION

    MIRA103/2013/20

    03 Sep 13

    30 Jun 22

    +

    105

    Villa Foundation

    MIRA103/2012/11

    07 May 12

    30 Nov 20

    +

    106

    Vitric

    MIRA103/2020/15

    22 Dec 20

    30 Jun 22

    +

    107

    Watercare

    RGS/NGO/2019/11

    10 Jul 19

    30 Jun 22

    +

    108

    Women Entrepreneurs Association of Maldives

    MIRA103/2021/09

    25 Feb 21

    30 Jun 22

    +

    109

    Women in Tech Maldives

    RGS/NGO/2019/27

    11 Dec 19

    30 Jun 22

    +

    110

    Women of Will (WOW)

    MIRA103/2021/20

    22 Aug 21

    30 Jun 22

    +

    111

    Women on Boards

    MIRA103/2015/06

    05 May 15

    30 Jun 22

    +

    112

    Zigzag for Youth Linkage

    MIRA103/2021/17

    03 Jun 21

    30 Jun 22

    +

    113

    Zurash Foundation

    MIRA103/2017/18

    17 Aug 17

    30 Jun 22

    +


    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