The Finance Ministry has extended tax exemptions to various companies under the Income Tax Act, with the latest addition being ten newly exempted Indian companies.
Notably, the Finance Ministry revealed ten additional projects with tax exemption status, focusing on those assigned to Indian companies.
The tax-exempt projects are:
1. Water Drain Project by Triveni Engineering & Industries Limited (TEIL).
2. Hulumale’ Phase 2 2000 Flats Project by JMC.
3. Hanimaadhoo Airport Development by STUP Construction: It was previously decided that works assigned to JMC within this project would be tax-exempt, and STUP Construction is now included.
4. Reclamation and Coastal Protection by Van Oord India Private Limited: Van Oord India Private Limited’s reclamation and coastal protection project in Addu City is now tax-exempt.
5. Felivaru Development by RINAC India Limited.
6. Hulumale’ Phase 2 2000 Flats Project by NBCC
7. Hulumale’ Phase 2 2000 Flats Project by Renatus
8. Hulumale’ Phase 2 2000 Flats Project by Varindera Constructions
9. Gan International Airport Development by Renatus
10. Gan International Airport Development by STUP Construction
This recent expansion of the list of tax-exempt projects includes several prominent initiatives led by Indian companies. Among these are the Gulhifalhu project, Addu Road Construction, and the Thilamale’ Bridge Project, all of which had previously been accorded tax exemption status.
