Understanding corporate income tax and other business taxes in the Maldives is crucial for companies operating within the country. Alongside corporate income tax, businesses should be aware of other taxes, including GST, withholding tax, Business Profit Tax (BPT), and Tourism Goods and Services Tax (T-GST). It is advisable to consult with a tax professional or refer to the official website of the Maldives Inland Revenue Authority (MIRA) for the most accurate and up-to-date information. By fulfilling their tax obligations, businesses can operate in compliance with Maldivian tax laws and contribute to the growth and development of the country's economy while enjoying the beauty of this island nation.
Corporate Income Tax:
The Maldives imposes corporate income tax on the profits earned by companies operating within its jurisdiction. The corporate income tax rate in the Maldives is a flat rate of 15%. This rate applies to both resident and non-resident companies engaging in commercial, industrial, or professional activities in the country.
Types of Business Taxes in the Maldives:
- Goods and Services Tax (GST): The Maldives implemented a Goods and Services Tax (GST) system in 2011. The GST is applicable to the supply of goods and services in the Maldives. The standard GST rate in the Maldives is currently set at 6%. However, certain goods and services may be subject to different rates or exemptions.
- Withholding Tax: The Maldives imposes withholding tax on certain types of payments made to non-residents, such as dividends, interest, royalties, and technical service fees. The withholding tax rates vary depending on the nature of the payment and may be subject to tax treaties.
- Business Profit Tax (BPT): In addition to corporate income tax, certain businesses in the Maldives are subject to Business Profit Tax (BPT). BPT is applicable to specific industries, such as telecommunications, fisheries, and finance, and the tax rates vary based on the specific sector and activity.
- Tourism Goods and Services Tax (T-GST): The Maldives imposes a Tourism Goods and Services Tax (T-GST) on goods and services provided in the tourism sector. The T-GST rate is 12% and is applicable to services such as accommodation, dining, and recreational activities in tourist establishments.
Maldives Inland Revenue Authority (MIRA) Website:
For comprehensive and up-to-date information on business taxes in the Maldives, it is recommended to visit the official website of the Maldives Inland Revenue Authority (MIRA).
Maldives Inland Revenue Authority (MIRA) Website: Official MIRA Website