New Reporting Requirements for SEZ Developers and Investors in the Maldives
As of 28 October 2024, SEZ developers and investors are subject to new reporting requirements mandated by the Maldives Inland Revenue Authority (MIRA) under Section 70(b) of the SEZ Act. The key takeaways from this regulation are:
Annual Reporting Deadline: SEZ developers and investors must submit an annual tax return or statement along with supporting documentation by 30th June of the following year.
Required Documentation: This includes audited financial statements, an auditor's report, and a director's report (for companies).
Currency for Reporting: Financial statements must be presented in either US Dollars or Maldivian Rufiyaa, depending on the entity's functional currency.
Transfer Pricing Documentation: Entities must prepare and maintain transfer pricing documentation for transactions with associates, as per section 68(b) of the Income Tax Act.
Quarterly Reporting by Zone Superintendents: Zone Superintendents must submit quarterly reports to MIRA by the 15th of the month following the end of each quarter, detailing authorized developers and investors, and any permit revocations.
Information Sharing with the Ministry of Finance: Information provided by SEZ developers and investors will be shared with the Ministry of Finance to calculate tax expenditure related to SEZ incentives.
What this means for you
These new regulations underscore the importance of meticulous record-keeping and compliance for SEZ developers and investors.
Contact Nasheed & Co. for expert legal advice on all matters related to SEZ investment in the Maldives.
