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Dollar purchase included in tax filing: Finance Minister

Minister of Finance Ibrahim Ameer has stated that businesses can include dollar purchases in their tax filings. He made the statement in a letter to the Parliament of the Maldives.

Parliamentarian Ibrahim Rasheed submitted a letter to Minister Ameer saying that Maldives Inland Revenue Authority (MIRA) has an exchange rate of MVR15.42 per USD1 when evaluating tax submissions but that the black market exchanges USD1 for MVR17. As such, he asked what measures the ministry is taking to address the issue of businesses incurring loss over having to pay a higher amount in profit tax.

Responding to the question via a letter, Minister Ameer said there are no challenges for businesses to maintain records of their dollar purchases that go beyond the official band as the cost of sale and include them in their tax filings. He also said the ministry is working with the Maldives Monetary Authority (MMA) to formulate a de-dollarisation strategy to fix the issues in foreign exchange.