Business making under 40k per month need not be registered with MIRA

Maldives Inland Revenue Authority (MIRA) has decided that businesses and deemed partnership making less than MVR 40,000 does not have to be registered with MIRA.

Previously, any business making over MVR 20,000 a month has to be registered with MIRA. But a tax ruling issued on Thursday said that only the business making over MVR 40,000 have to be registered.

The ruling said that businesses still have to keep their accounts to the regulations and can still register on their own if they want.

A smiling tax ruling was issued last week as well giving an ease to the businesses. Last week's ruling said that businesses making profit under MVR 1 million does not have to submit a BPT (Business Profit Taxation) statement.

Before the ruling all businesses making a profit over MVR 750,000 have to submit a BPT statement. The new change says that individuals and partnerships making below MVR 1 million and has a post tax profit before MVR 500,000 does not have to submit a BPT statement.