15 February 2016
Issue No: 2/2016
Important Deadlines

FEB 

10

Payment of Trade Fee for February 2016

FEB 

07

Payment of Lease Period Extension Fee 8th installment

FEB 

10

Payment of duty free royalty for January 2016

FEB 

15

Payment of withholding tax for January 2016

FEB 

28

Submission of GST Return for January 2016 and payment of GST.

FEB 

28

Submission of Green Tax Return for January 2016 and payment of Green Tax.

Output Tax Statement must be submitted by taxpayers with annual turnover more than MVR 30 million!

Pursuant to tax ruling TR-2015/G27, GST registered persons with an annual turnover less than MVR 50 million and more than or equal to MVR 30 million, are required to submit an Output tax statement along with the GST return, for each taxable period, starting from January 2016.

From 1 April 2015 onwards, Output Tax Statement is being submitted by the taxpayers with an annual turnover more than MVR 50 million. When submitting the GST return for January on 28 February 2016, taxpayers with an annual turnover more than or equal to MVR 30 million must submit Output Tax Statement, in addition to the Input Tax Statement, along with the GST return. GST return can only be filed after submission of both Input Tax Statement and Output Tax Statement. These statements must be submitted via MIRA’s new online portal, ‘MIRAconnectPlus’.

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Not maintaining GST records could result in a fine of MVR 2,000!

With the introduction of a modern tax system in Maldives, a lot of changes have taken place in the aspect of record keeping and trading habits of the average businessmen. The tax laws require all the trading activities to be registered and documents of revenue and expenditure to be properly maintained. Further, GST registered taxpayers are required to fulfill additional record keeping obligations under GST Act and Regulation. Penalties are also being levied on those who do not complete the requirements of the tax laws and regulations.

As the policy on penalties for non-compliance with GST Act and Regulation became effective on 1 January 2016, taxpayers must;

  • Not collect GST if the business is not registered for GST,
  • ...

Deadline for payment of Company Annual Fee: 31 March

Under the Companies Act (Law number 10/96), the deadline for payment of Company Annual Fee is March 31st of every year.

The Companies Act makes it mandatory for all companies registered in Maldives under the Act to pay an annual fee. As per Section 7(b) of the Act, all private and public companies are required to pay the company annual fee for the year before the 31st of March. The annual fee amounts to MVR 2,000 for private companies while public companies are required to pay a fee of MVR 10,000.

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“CG Cup 2015”: MIRA’s football festival

The 3rd annual CG Cup (CG Cup 2015) organized by the MIRA club was held on 23 January 2016 at Henveiru Stadium. 8 men’s teams and 5 women’s team participated in this tournament.

The champion team of the men’s division is team Land Rent of Audit and Investigation Department who defeated team Royalty of Enforcement Department 3-2 in the penalty stage in the final match. Whereas the champions of the women’s division is team T-GST of Audit and Investigation Department who defeated team Vaaru Card of Taxpayer Service Department at the last minute by scoring a penalty in the final match.

Naish Mohamed Naeem, goalkeeper of team Land Rent of Audit and Investigation Department, who maintained a perfect shield to their goal, was awarded the best play ...

MIRA’s teams to visit atolls to assist taxpayers

Similar to last year, MIRA’s teams will be visiting all atolls of Maldives between 06 February and 06 May 2016 to assist taxpayers in preparing their financial statements and BPT Return for 2015.

MIRA requests taxpayers who are based outside Male’ and would like assistance from the teams in preparing their financial statements for 2015 to call MIRA’s hotline 1415 and register their names.

The deadline to submit the BPT return for taxpayers whose accounting period is from 1 January to 31 December is 30 June 2016.

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“Kobaa Raseedhu” Campaign concludes

MIRA marked the conclusion of “Koba Raseedhu” campaign, which had been carried from 1 August to 31 December 2015, with the purpose of maintaining the habit of issuing and receiving receipts for business transactions. In the campaign, a total of 104,328 receipts were sent by 1,797 participants and out of which 95.61% were from Male’ region. The receipts were from 3,982 unique business activities of which 18.5% are registered from GST.

During closing ceremony held to mark the end of the campaign, the Commissioner General of Taxation Yazeed Mohamed awarded 20,000 Rufiyaa to the grand prize winner Hussein Rasheed, Tokyo Villa – HA. Dhihdhoo, who had sent the most number of unique receipts from different business activities. The 4 contenders who competed closely with Hussein Rasheed for the grand prize also attended the ceremony.< ...