In response to the global pandemic COVID 19, governments worldwide have announced several economic and tax relief packages to individuals and businesses.
As businesses have been facing huge losses due to the outbreak of COVID 19, Maldives Inland Revenue Authority (MIRA) has announced special tax reliefs to minimize the burden on taxpayers, including special installment plans and deadline extensions.
Special Installment Arrangements
Special installment arrangements can be made for payment of outstanding GST, Green Tax and WHT. You need to apply for the instalments plans before 30th June 2020. Other benefits of the plan includes;
- Installment payments of existing taxpayers can be delayed to a period of 3 months up to 30th June.
- Existing taxpayers can apply for new installment arrangements.
- Taxpayers applying for new installments will have a lower commitment payment and a longer installment period.
If you have any outstanding GST, Green Tax or WHT payments, the instalment plans can be helpful to manage your cash flows in this situation.
Employee Withholding Tax was effective from 1st April 2020. Employee Withholding Tax registration deadline was initially 15th March 2020. The deadline has been extended until the 20th April 2020. We expect the deadline for all taxes to be extended depending on the official working days of MIRA.