Tag: wholesale

Prices must be public: Economic Development Ministry

Shops are required to publicly identify items exempt from the Goods and Services Tax (GST), the Economic Development Ministry has ordered.

The ministry also requires businesses that charge GST on their goods and services to display their Maldives Inland Revenue Authority (MIRA) registration certificate.

Unregistered businesses may not charge GST and wholesale and retail prices should also be viewable.

Businesses that violate these regulations will be fined between Rf500-10,000. A second offense will incur a fine between Rf5,000-10,000.

Likes(0)Dislikes(0)

GST will prioritise wholesalers, but requires administrative tax regulations

Maldives Inland Revenue Authority (MIRA) has said it will give priority to levy the Goods and Services Tax (GST) from merchants who import and sell goods at wholesale prices, reports Haveeru.

The GST bill, which was ratified by President Mohamed Nasheed last Friday, is required to be implemented within a month from ratification.

Commissioner General of Taxation, Yazeed Mohamed, told Haveeru that tax deductions from wholesalers will be the second major source of income. He said certain industries such as construction, food and entertainment would be given higher priority.

Yazeed said the act will be fully implemented in three months, but that administrative tax regulations had to be amended as well, Haveeru reported.

GST payers will be asked to register at MIRA.

Likes(0)Dislikes(0)