Maldives tax authority grants ‘fine amnesty’ for small firms

Small businesses with annual revenues of less than MVR10 million (US$647,000) a year will have penalties for tax violations waived as part of a special amnesty from the Maldives tax authority.

Businesses were asked to apply before October 27, the Maldives Inland Revenue Authority said Monday.

Tax violations and fines incurred before June 30 will be covered under the policy. The taxes include business profit tax, withholding tax, goods and services tax, and green tax.

A MIRA official told the Maldives Independent to contact the Ministry of Economic Development about how many small businesses there are in the country and the total monetary value of fines to be waived.

The Ministry of Economic Development has been contacted for comment.

MIRA also issued this amnesty to small businesses ahead of the local council elections last year.