Maldives Inland Revenue Authority (MIRA) has cleared tax fines of all small enterprises as a special concession which falls outside the current regulation on fine relief.
MIRA reports the opportunity will be available to small enterprises until June 30 as special assistance to help small enterprises return to the tax system.
Business Profit Tax (BPT) and Goods and Service Tax (GST) fines of businesses which earn less than MVR 10 million per year are eligible for the fine relief.
Businesses which wish to make use of the opportunity need to submit an MIRA910 form during the given time period.
MIRA has awarded a number of concessions to small enterprises this year; including increasing the income criteria for registration at the authority for single entrepreneurs and deemed partnerships to MVR 40,000, and exempting them from submitting BPT if their annual income falls below MVR 1 million or if their tax deductible profit is no more than MVR 500,000.
Businesses that generate less than MVR 10 million in annual income have also been allowed the option of using “cash basis” accounting and exemption from submitting audit reports.