15 November 2015
Issue No: 14/2015
Important Deadlines

NOV 

10

Submission of Royalty Statement and Sales Report for October 2015 by duty free shops.

NOV 

10

Payment of Trade Fee for November 2015

NOV 

15

Payment of withholding tax for October 2015

NOV 

15

Payment of duty free royalty for October 2015

NOV 

29

Submission of GST Return for October 2015 and payment of GST.

MIRA’s new online portal: MIRAconnectPlus

As an initiative to improve the features available from MIRA’s online portal and to ensure the user-friendliness of the interface, MIRA has introduced a new portal, MIRAconnectPlus, which provides more online functions and is more user-friendly. In addition to the Green Tax return and the Information Sheet, Input and Output tax statements can also be submitted via the new portal. MIRAconnectPlus also replaces the Statement portal through which large taxpayers were required to submit the Input and Output tax statements.

MIRA has emailed the login credentials to all the taxpayers registered for Green Tax and to those taxpayers required to submit the Input and Output tax statements via online portal. Once the taxpayer logs in to the portal, all pending obligations will be displayed. Currently, only Green tax payment can be made via this portal. Taxpayers can ...

Correct GST treatment of advance payments

Advance payment is the amount received in relation to a service or goods which will be supplied to the customer at a later date. Advance payments are done in mostly 50% or 100% depending on the quantity, type of goods or service provided to customer. In this article we will be looking into the correct treatment of such a payment in computing the GST return.

As per section 17 (a) of the GST Act; “The time of supply of a good or service refers to whichever occurs earlier of the following: (1) the time at which a tax invoice of such good or service is issued; (2) the time at which the recipient of such good or service makes full or partial payment”.

As per the aforementioned clause, when an advance payment is received, GST should be declared on the full value of the supply of the goods a ...

MIRA 404 - Payment form

Apart from those made with a tax return, every payment made to MIRA must accompany MIRA 404 (Payment form). Payment form is used in the payment verification process to ensure the correctness of the payments made.

Payment form helps to assure both the taxpayer and MIRA that the right amount is paid to the right account. For this purpose, it is very important that each taxpayer understands the information required by the form and not to leave out important detail. At all times, counter staff’s help can be sought if there is any doubt.

MIRA 404 has proven to be a very reliable and an important source of communication between the taxpayer and MIRA at times of disputes and possible errors. And it is our request that MIRA 404 be filled with utmost care as it is the most basic level of consent g ...

ISA training for MIRA staff

MIRA’s Middle Management and Operational Level staff work closely with taxpayers, guaranteeing they receive the best of services provided by MIRA. To ensure the services provided are of premier standards and are provided in a professional manner and maintaining the high standard set by MIRA and its staff, regular in-house and out-sourced trainings are provided to all staff.

To achieve this, training on “International Standards on Auditing” or “I.S.A” is scheduled to be held from 7-17 November, which is targeted at Middle Management and Operational Level Auditors at MIRA. As a result of such continuous trainings, taxpayers are guaranteed that the tax audits undertaken by MIRA are carried out in accordance and up-to-date with “International Standards on Auditing”. ...

No receipt!

Maldives Inland Revenue Authority kicked off its “Koba Raseedhu” campaign last August mainly to promote the habit of giving and receiving a bill or receipt for business transactions. One of the most important reasons for obtaining a receipt, especially in transections where taxes such as GST is involved, is to encourage the businesses collecting the tax, to properly remit it to the state. Generally, through the process of issuing a bill or receipt, the business transactions are recorded in the system. Even if it is not the case, vendors having to be liable for the bills they issue, serves as a deterrent in acting contradictory to the expected.

 

So far, this campaign has received a tremendous support from the public. Last month alone, it has generated more than 14,616 receipts an ...

Enforced collection of dues to the state

Collection of dues owed to the state is a responsibility of MIRA, as conferred by the Tax Administration Act (Law number 3/2010). Hence, MIRA is obliged to enforce collection of taxes and non-tax revenues owed to the state. If not paid as and when due, such dues are enforced under the “Enforcement Policy” of MIRA.

The Enforcement Policy stipulates the actions that can be taken by MIRA in order to collect the amount not paid by the taxpayers as per the applicable laws and regulations. In addition to pursuing legal actions, non-compliant taxpayers names may be disclosed, may freeze bank accounts, and government services to the taxpayer may be suspended as a part of recovery actions.

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