Ministry of Finance has published a list of projects that have been granted tax exemptions.
The list consists of 10 projects that were granted an exemption under Article 12 of the Income Tax Act. The projects were given exemptions as per the Dollar Credit Line Agreement between the government of the Maldives and the Indian EXIM Bank, under which the projects are financed. As such, the agreement exempts the projects from the applicable taxes.
The contractors for the projects include India-based companies such as Afcons Infrastructure Limited, JMC Projects (India) Limited, and Shah Technical Consultants Private Limited. They are involved in large infrastructure development projects in the Maldives including the road development project in Addu City, the Hanimaadhoo International Airport Development Project, and the development of water and sewerage facilities across the Maldives.