News: Companies of the Maldives will be obliged to file online income tax returns

The Maldives Inland Revenue Authority (MIRA) issued a circular changing the rules for filing returns for legal persons. From now on, the persons will have to file interim returns. In addition, the filing is mandatory and the  persons are obliged to file documents in electronic format.  

All persons registered for income tax must file respective returns. Under Circular 220-TD/CIR/2020/07 of 17 August 2020, the persons whose annual turnover is more than MVR 10 million must file their electronic interim returns as per MIRA 603 form.

If the person’s annual turnover is more than MVR 30 million, it is also required to make their interim payments via online portal MIRAconnect or the Maldives Real Time Gross Settlement (MRTGS).

Law&Trust law firm offers its services to the clients working on the territory of the Maldives. We will tell how to correctly prepare electronic return and file it to tax authorities.