High Court upholds notice to SBI to pay MVR 55 m to MIRA

The High Court has upheld the decision by the Tax Appeal Tribunal, whereby it declared valid a notice sent by Maldives Inland Revenue Authority (MIRA) to State Bank of India (SBI), asking it to pay MVR 55,647,652.75 as Additional Tax.

This notice, to pay MVR 55,647,652.75 as Additional Tax within 30 days, was sent by MIRA on 1 October 2012 following its audit of SBI’s Financial Statement for the year 2011.

SBI paid the full amount as requested by MIRA on 2 December 2012, before filing an appeal case with the Tax Appeal Tribunal.