MIRA advises companies to make all BPT payments for 2017

  • The deadline to submit documentation and statements for BPTs is set at 1st July

K. Male' | Shan Anees | 22-June-2018 | Friday 17:41 | twitter | Business | 858

Signboard at the entrance to the Maldives Inland Revenue Authority headquarters in capital city Malé -- Photo by: Azmoon Ahmed

The Maldives Inland Revenue Authority has asked companies with outstanding business profit tax (BPT) payments for 2017.

The deadline to submit documentation and statements for BPTs is set at 1st July, 2018. Only private businesses that make an excess of MVR 1 million or pay annual taxes of over MVR 500,000 are required to pay.

The state had generated a total of MVR 99 million from bank taxes at the end of May, since January, through MIRA.

This amount is a signifant decline from what the Maldives Inland Revenue Authority (MIRA) collected as bank taxes within the January-May period last year.

MIRA had generated 317 million at the end of May last year, as bank taxes. While amounts generated through banks had dropped, the total amount it garnered is higher than in comparison to 2017.

MIRA has thus far collected MVR 7.1 billion in taxes this year. The tax authority had garnered more as business profit taxes, fines, stamp fees, and airport development fees had increased, compared to last year.



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