Many do not fulfill GST obligations, says MIRA

Many parties have failed to pay the Goods and Services Tax (GST) due by the expiry of the first period of the year, says Maldives Inland Revenue Authority (MIRA).

GST for the first period of the year became due on 31st January, as GST is payable by some on a monthly basis, and some every 3 months.

A Statement issued by MIRA today said that of the parties that are liable to pay GST, more than 1200 parties have not fulfilled their GST obligations. Of these 1200, more than 800 are in Malé, the capital city of the country, and the rest from various islands throughout the country.

As many traders and service-providers have failed to pay GST before the due date, MIRA has extended the payment period until the 28th of this month.

GST was introduced in the Maldives during October last year. So far, 3300 parties have paid GST, and the Government has earned an income of more than 450 million Rufiyaa through the tax system.

GST rate is currently set at 6 per cent of the retail prices of taxable goods and services.