Maldives Inland Revenue Authority (MIRA) has announced that sole proprietorships and deemed partnerships with a monthly income below MVR 40,000 are no longer required to register with MIRA.
The announcement was made on a tax ruling publicized by MIRA, changed from the previous amount of MVR 20,000. Late last month, MIRA announced that sole proprietorships and deemed partnerships with an annual income of less than MVR 10 million were not required to file an audit report with MIRA.
Similarly, if the annual income is less than MVR 1 million, then BPT statements are also no longer required to be submitted to MIRA.
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