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Maldives

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About

Maldives

Capital
Official languages
Population 
Currency

ISO 4217

Malé

Dhivehi

Approximately 540,000

Maldivian Rufiyaa

MVR

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Economy

The Maldives is a small island nation located in the Indian Ocean. It has a population of approximately 393,000 people and a GDP of $4.7 billion. The economy of the Maldives is largely based on tourism, which accounts for 28% of the GDP. Fishing is also an important industry, contributing 17% of the GDP. The country also has a growing manufacturing sector, which accounts for 8% of the GDP. The Maldives has a low unemployment rate of 2.7%, and the inflation rate is relatively low at 2.2%. The country has a strong balance of payments, with a current account surplus of $1.2 billion in 2019. The Maldives has a strong credit rating, with a Standard & Poor's rating of BBB+. The country has also seen a steady increase in foreign direct investment, with a total of $1.2 billion in 2019. Overall, the Maldives has a strong and stable economy, with a bright future ahead.

Taxation

Taxation in the Maldives consists of both corporate and personal taxes. Here is an overview of the taxation system in the Maldives:


Corporate Taxation:

- Companies registered in the Maldives are subject to a corporate income tax rate of 15% on their profits.

- Corporate tax returns must be filed annually by March 31 of the year following the tax year.

- The payment of corporate income tax is due in two equal installments: the first installment by June 30 and the second installment by December 31 of the tax year.


Personal Taxation:

- Individuals in the Maldives are subject to a personal income tax rate of 5% on their income above MVR 30,000 (approximately USD 1,947) per month.

- Personal income tax returns must be filed annually by March 31 of the year following the tax year.

- Personal income tax payments must be made in two equal installments: the first installment by June 30 and the second installment by December 31 of the tax year.


Goods and Services Tax (GST):

- The Maldives also imposes a goods and services tax (GST) on most goods and services, with a standard rate of 6%.

- GST returns must be filed monthly by the 28th day of the following month.


Tax Payment Process:

- Taxpayers in the Maldives can make tax payments through banks or online payment systems.

- Taxpayers must file their tax returns and make their tax payments by the deadlines mentioned above.

- The Maldives Inland Revenue Authority (MIRA) may conduct audits to ensure compliance with tax laws.


In summary, companies in the Maldives are subject to a corporate income tax rate of 15%, while individuals are subject to a personal income tax rate of 5% on their income above MVR 30,000 per month. Both companies and individuals are required to file their tax returns and make their tax payments by specific deadlines. The Maldives also imposes a goods and services tax (GST) on most goods and services, with a standard rate of 6%. Tax payments can be made through various methods, and taxpayers may be subject to audits to ensure compliance with tax laws.

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