MIRA offers ease for Income Tax Returns

In reference to sections 101 and 103 of the Income Tax Regulations (Regulations No 2020/ R-21), MIRA has issued a circular that states that the companies, general partnerships and limited liability partnerships with taxable income of not more than MVR500,000/- for years 2020 and 2021; and not more than MVR2,000,000/- in total income for the years 2020 and 2021, will not be required to file an income tax return for the year 2021.

In addition to the above, the circular states that MIRA will only accept financial statements or directors’ reports if they are accompanied by income tax returns.

Furthermore, MIRA instructs the use of MIRAconnect or the Maldives Real Time Gross Settlement (MRTGS) in making payments relevant to the income tax returns in the event the total annual income in 2020 of a company, general partnership or limited liability partnership was more or equal to MVR 20,000,000/-.