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.
