Day: August 19, 2011

Annual youth challenge fair opens

The annual ‘Youth Challenge Fair’ at Dharubaaruge (convention centre) was inaugurated by Education Minister Shifa Mohamed last night.

According to newspaper Haveeru, this year’s fair features 73 stalls by 52 parties, including local and national universities and companies. The fair will conclude on Saturday night.

Unlike previous years, the Human Resource Ministry said that the fair includes a campaign to train youth for employment.

Human Resource Minister Hassan Latheef said that O’ Level or A’ Level results were not enough to secure jobs for school leavers.

A loan programme was higher education recently initiated by the ministry only offered 35 opportunities, said Latheef, for which 1,135 students applied. “That is how competitive it is,” he said.

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Business profit tax regulations published

Regulations under the Business Profit Tax Act, which came into force on July 18, 2011, have been published in the government gazette today.

A press statement by the Maldives Inland Revenue Authority (MIRA) today notes that a six-month period was given under article 42 of the Act to formulate important procedural rules and regulations.

The regulations specify rules for collecting taxes as well as conditions for tax exemptions.

The statement adds that an information guide was available on the MIRA website regarding the withholding tax applicable to Maldivians living overseas.

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