Maldives Inland Revenue Authority (MIRA) has published the regulations on providing special exemptions to Income Tax.
MIRA stated the purpose of the regulation is to state the policies and procedures for the provision of special exemptions to those eligible to pay Income Tax. As per the regulation, tax exemptions for business projects and sectors will be provided upon review by the cabinet, following application to the relevant ministry. The final decision on providing a special tax exemption and its duration will be made by the President.
The regulation states three main factors will be considered when providing a special exemption to Income Tax. This includes the effect of the exemption on state revenue, socioeconomic benefits of providing the exemption and the potential fulfillment of the objectives for the exemption.
Furthermore, the regulation states the registry of individuals and businesses exempted from Income Tax as per the decision of the President should be updated and published in the Government Gazette.