Maldives Inland Revenue Authority (MIRA) has launched “Nukuraanama Unikuramaa” campaign, aimed to deregister businesses which are not currently undertaking any business activities and to identify and deregister business that meets the criteria for Goods and Services Tax (GST) deregistration.
From businesses registered for GST at MIRA, majority submitted GST nil return while some did not submit a statement at all. “Maybe they are not doing business for the time period or have stopped or they do not fulfil the criteria to register for GST,” says Assistant Commissioner General of Enforcement in MIRA, Ms Fathmath Ameeza.
However, under GST law, businesses registered under GST have to submit tax statement before the given deadline. If this is not followed, MVR 50 per day is charged to businesses. So the purpose of the campaign is to deregister such businesses without fining them.
Businesses generating an income of less than MVR 500,000 per year, are eligible to apply for GST deregistration. However, this will not apply to businesses operating in the tourism industry and business involved in importing products to the country.
Full details are available at the link below:
Source URL: Corporate Maldives