The Maldives Inland Revenue Authority has amended the Business Profit Tax Regulation exempting registered individuals and deemed partnerships who fulfill certain conditions from submitting a BPT return.

Pursuant to Tax Ruling B-58, an individual or deemed partnership with an annual turnover of less than MVR 1,000,000 or a taxable profit of less than MVR 500,000 in an accounting period shall not be required to submit a tax return for that period.

This exemption shall be applicable from the tax year 2016 onwards. However, if an individual or deemed partnership exceeded the aforementioned thresholds in the tax year 2015, such persons shall be required to submit a BPT return for the tax year 2016.

By CTL Strategies LLP – a firm specialised in providing tax and legal advisory services to businesses. CTL offers comprehensive range of tax advisory services to all types of clients from family run businesses, SME’s to accounting and law firms, and local and multinational companies.