17 April 2016
Issue No: 4/2016
Important Deadlines

APR 

10

Payment of Trade Fee for April 2016

APR 

10

Payment of duty free royalty for March 2016

APR 

17

Payment of withholding tax for March 2016

APR 

28

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

APR 

28

Submission of GST Return and payment of GST for March 2016 and 1st Quarter 2016.

Online businesses have to be registered in MIRA

Most people are now living a ‘digital’ life where they do most of the things online and expect anything to be possible through mobile phones and devices. B2C (Business to consumer) ecommerce sales have reached trillions of dollars as of 2015 where Asia-pacific is the largest regional market in the world. Despite the small population, 58.4% of Maldivians are internet users as of 2015. (Source: http://www.internetworldstats.com)

Most people are still neglectful of their tax obligations when entering the Ecommerce market or even brick and mortar businesses. As we have a self-assessment tax system, it is important that entrepreneurs find out and fulfill their obligations such as obtaining the required trade permits and completing the tax ...

Service close to your home

MIRA always works and further plans towards introducing and sustaining excellence in the service provided, and with the same intention, MIRA has worked towards spreading its reach beyond the geographical distance.

To inaugurate an additional branch of MIRA at Malhos Madulu Dhekunuburee Eydhafushi, an official ceremony was held on 31 March 2016. The branch was declared open by the Commissioner General of Taxation and Minister of Finance & Treasury along with Malhos Madulu Dhekunuburee Atoll Council President. The services available from this branch include registration of businesses, filing tax returns and collection of all taxes and other fee payments paid to MIRA.

The task of establishing additional collection centres and branches in atolls is progressing rapidly. Currently MIRA has 4 bran ...

MIRA employees visit patients in I.G.M.H

Employees of MIRA visits patients in I.G.M.H, during which all patients were given a special gift by the employees. All staff of MIRA and many staff of I.G.M.H participated in the event held today at 16:00hrs. The opening ceremony of the event was inaugurated by the Commissioner General of Taxation Yazeed Mohamed and Deputy C.E.O of IGMH Mohamed Rishwan.

Speaking at the event, Commissioner General of Taxation stated that the purpose of carrying out this event is to enliven the habit of visiting patients in need. Also, such activities are carried out with pride and will continue carrying out such activities needed for the communities’ wellbeing. He also noted the support received from I.G.M.H and thanked the personnel’s involved. Deputy C.E.O of IGMH Mohamed Rishwan stated that he was highly pleased that employees of MIRA initiated and planned such an ...

Zakat al-mal to be collected by MIRA

MIRA has signed a Memorandum of Understanding (MoU) with Ministry of Islamic Affairs today, in which the collection of Zakat al-mal by MIRA will commence on 1 June 2016. Under this MoU, training and awareness programs on Zakat al-mal will also be carried out by MIRA from here on.

 The MoU was signed today at 1000hrs in a ceremony held at Islamic Centre Hall. The Commissioner General of Taxation, Yazeed Mohamed signing on behalf of MIRA and Minister of Islamic Affairs, Dr. Ahmed Ziyad signing on behalf of Ministry of Islamic Affairs.

Speaking at the MoU signing ceremony, Commissioner General of Taxation stated that MIRA will cooperate with the Ministry in order to f ...

MIRA introduces a logo for MIRA approved charitable organizations

MIRA has introduced a logo to be used by charitable organizations. The logo indicates that the organization is approved by MIRA. Displaying MIRA approved logo would assist in attracting donations from businesses.

A Body, association or public institution which is approved by the MIRA and established for the promotion of Islam, relief of the poor, medical relief or education or any other object of similar general public utility, is exempt from Business Profit Tax. Donations given to such organizations by businesses can be deducted as an expense when computing the taxable profit of that business.

The tax ruling issued to introduce the logo on 31 March 2016 (Number TR-2016/B52) states that the logo designed by MIRA can be used by such associations on their marketing materials, letterheads, website, ...

First CPD Program of the year

MIRA conducted the Tax Agents Continuing Professional Development (CPD) program for the first quarter of 2016 on 16th March. A repeat of the program was held on 6 April 2016. Under the Tax Agents Regulation, it is mandatory for the licensed tax agents to complete the CPD programs run by MIRA in order to maintain their license. A total of 37 individuals participated in the program. In addition to tax agents, auditors registered with MIRA were also invited by MIRA to take part in the CPD program. The purpose of conducting the CPD program is to keep the licensed tax agents up to date on the amendments to the tax laws and regulations, recent tax rulings and other tax related information which would assist them to carry out the tax obligations of their clients more effectively and efficiently. 

...

Summoning persons to the MIRA

During an investigation carried out by the MIRA regarding an offence related to taxes, who would be summoned to the MIRA? What might be the purpose of summoning such persons? Are there any protocols to be considered by the MIRA before summoning a person? Surely, these are questions that may be asked by a number people. In fact, such questions ought to be expected. Simply put, the MIRA is required to follow certain procedures in the event that the MIRA summons any person in relation to an investigation. 

One of the main purposes of an investigation carried out by the MIRA is to find evidence of the alleged offence. Pursuant to the Tax Administration Act, the MIRA, in its capacity as the administrator of the Taxation Acts, has been granted a number of powers to conduct comprehensive investigations to find such evidence. The power to summon persons as part of ...

Famous Football Star Neymar to Pay $53 Million for Tax Evasion

A Brazilian court has ordered Neymar to pay 188.8 million reais (53 million US dollars) in back taxes, interest and fines after finding him guilty of tax evasion.


A judge at a federal court in Rio de Janeiro ruled that Neymar failed to declare earnings from his current club Barcelona, former club Santos and sponsor Nike, the Folha de S.Paulo newspaper reported.

 The 24-year-old is expected to appeal the decision.

According to the judge’s finding, Neymar used a front company to avoid paying 63.6 million in taxes.

The decision came just weeks after a Brazilian court freezed assets belong ...