Taxation in Maldives

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How tax rates are decided?

• President decides tax rates based on economic situation

• through an Act passed by parliament and ratified by the President

• Members of parliament decide tax rates and inform to MIRA

• MIRA will decide at which rate tax to be levied

When was first Income Tax Act ratified?

• 17 January 2020

• 17 December 2019

• 1 April 2020

• 1 January 2020

Tick the taxes that have been abolished from 1 January 2020

• Income Tax

• Remittance Tax

• Airport Service Charge

• Business Profit Tax

• Goods and Services Tax

For the purpose of Income Tax, a company will be a resident in Maldives If

• Company is Incorporated In Maldives

• Company has branches in Maldives

• Company has an agent in Maldives

• 50% of company's employees are Maldivians

Which one of these is NOT exempt from Income Tax

• Dividend received by a resident from a resident company

• Salary received by a resident Director from a resident company

• Income received by a government office

• Gift received by an individual from a relative

What is Tourism Sector current GST rate?

• 6%

• 8%

• 15%

• 12%

How is GST tax liability calculated?

• Output tax + Input tax

• Output tax - Input tax

• Output tax - Input tax + Cost of sales

• Input tax + expenses

Which one of these are NOT exempt from GST

• Water facilities provided by a water service provider registered with the relevant Government authority or State institution

• Education provided by an educational institution registered with the relevant Government authority or State institution

• Rent Earned from lease of immovable property

• Cosmetics sold in a Pharmacy

Green Tax is charged from

• Anyone who stays in a tourist establishment

• Tourists who stays in a tourist establishments

• Locals who stays in a tourist establishment

• Tourists and crew passengers who stay in a tourist establishment