Malé, Maldives –Maldives Inland Revenue Authority (MIRA) has eased massive tax measures for businesses.
To give further ease to the businesses considering the difficulties faced due to the ongoing Covid-19 pandemic, MIRA has announced that they have extended the time period for the initial easement they provided in allowing businesses to pay tax in installment method within three months period. The new extended date to pay tax in installment method is within 2 to 26 months.
MIRA noted that this easement will only be set after considering the businesses MSME and the amount of change in their income in the year 2020.
Along with this, MIRA also deducted the commitment pay required for businesses to give for agreeing to pay tax in the installment method. Although MIRA initially took 50% of the unpaid amount as commitment pay, they have loosened the measures to take between 5% and 10% from the unpaid amount as commitment pay.
If the businesses are facing difficulties in paying tax fines, MIRA announced that they have decided to let off that payment as well.
MIRA stated that these tax measures are eased for all types of businesses, including massive easements for Small and Medium-sized Enterprises (SME) businesses.