Name of the Organization : Maldives Inland Revenue Authority
Type of Facility : Business Profit Tax BPT Return Filing
Country : Maldives
Website : https://www.mira.gov.mv/
Business Profit Tax BPT Return Filing :
BPT is a tax charged, under the Business profit Tax Act (Act Number 5/2011), on the profits of all businesses carried out in Maldives. The Act was published in the Government Gazette on 18 January 2011 and as per the Act, it will commence after 6 months from this date.
Related : Maldives MIRA Goods & Services Tax GST Registration : www.statusin.org/7726.html
Companies, partnerships, individuals and all persons who are resident or carrying out business in Maldives would be subject to tax under this Act. In addition, certain payments made by any Person to a non-resident would also be subject to tax under this Act.
The tax rates are:
Companies, Partnerships and other Persons- 15 percent
Profit from sources outside Maldives – 5 percent
Withholding tax – 10 percent
Instructions for Completing BPT Return:
All legislative references are to the Business Profit Tax (BPT) Act (Law Number 5/2011) and the BPT Regulation (Regulation Number 2011/R-35) as amended by Regulation Number 2011/R-47 and Tax Ruling Number TR-2012/B6, TR-2012/B11 and TR-2012/B27
** Individuals, companies, partnerships and other corporate bodies registered at MIRA under Tax Administration Act (Act No. 3/2010) are required to file this return once a year. However, individuals whose annual gross income is less than MVR 750,000 and taxable profit is less than MVR 500,000 are exempted from filing tax return to MIRA.
** Please round off all figures on your Return to the nearest whole number.
** When you submit your Return, please ensure that we give you a voucher for it.
** Box 29 to 45 must be written with a minus sign (-) in front.
BPT TIN (Taxpayer Identification Number):
Your TIN is a unique identification number issued to you when you registered with MIRA under the Tax Administration Act. The TIN is stated on the Notification of Registration issued to you. We cannot acknowledge or process your Statement without your correct BPT TIN.
Taxpayer Name:
In this box enter the name of the taxpayer as shown on the Notification of Registration.
Accounting Period:
For individuals who choose to prepare:
** special purpose financial statements, the accounting period will be from 18 July 2011 or the start of your accounting period (whichever is the later) to the end of your accounting period.
** full year financial statements, the accounting period will be from the start of your accounting period to the end of your accounting period.
For companies, partnerships and other legal entities, the accounting period is the accounting period registered with MIRA. This period must be adopted in the financial statements which are submitted along with the BPT Return.
If you are using the fillable version, make sure that you enter the correct accounting period in this Box since the calculations are based on the accounting period which is entered in the form.
Auditor Registration Number:
Fill this part if you are required to appoint an auditor. If not, leave this part blank. Enter here the registration number of the auditor who audited your financial statements.