Some 8,600 businesses registered at MIRA

Some 8,600 businesses have registered at the Maldives Inland Revenue Authority (MIRA) ahead of the introduction of business profit taxes, which came into effect today.

Newspaper Haveeru reports that MIRA has decided on the advice of the Attorney General’s Office (AGO) to consider the first tax year to begin on July 18, 2011 and end on December 31, 2011. The Business Profit Tax Act stated that taxation would begin six months after the legislation was ratified, with the deadline falling on July 18.

Commissioner General of Taxation Yazeed Mohamed explained that the first tax payment would be due before January 31, 2012. Businesses would have the option of paying taxes in full or in installments.

Businesses making an annual profit in excess of Rf500,000 would be required to pay 15 percent of profits above that amount as taxes.