MIRA changes payment regulations for business profit tax
Businesses earning over MVR 50M are required to pay through MiraConnect or MRTGS
Entrance to the Maldives Inland Revenue Authority headquarters in capital city Malé
The Maldives Inland Revenue Authority (MIRA) has changed its regulations to pay business profit taxes.
As per this change, businesses that generate an annual profit of over MVR 50 million must be required to lodge their payment and pay through the MRTGS (Maldives Real Time Gross Settlement) or ‘MiraConnect’, payment options offered by the central bank and MIRA, respectively.
Businesses will be required to do so, starting April 1st.
The Maldivian government has announced plans for an ‘overhaul’ of the local tax regimen, pledging to increase ease of doing business and levy income taxes.
