MIRA Offers Relief to Tax Payers Affected by the Pandemic

The ongoing pandemic has affected the majority of tax payers and caused numerous delays in paying the taxes, incurring fine on top of it. Considering the current situation, Maldives Inland Revenue Authority offered multiple reliefs to tax payers, including allowing payments to be made in installments and providing easy means of paying fines. 
 
Tax payers who request for installment facilities to be arranged for the service now have to pay a as low as 5% - 10% of the remaining payment instead of the 50% as commitment payment before signing the agreement. Moreover, repayment can be scheduled between 2 - 26 months based on the category of the business and the effect to the revenue compared to that of 2020.  
 
As part of the ease of repayment, tax payers who already have rolling installments can further reschedule and extend the repayment duration.  
 
Moreover, those who have incurred fines due to not being able to pay taxes on time will be relieved of it once they pay or come to a repayment agreement. Upon request by other authorities, MIRA will also provide tax clearance in such cases.  
 
MIRA states that these eases are open to tax payers, with priority and most eases given to small and medium businesses.