Names of 42 Companies That Failed to Send Income Tax Statements Disclosed
The Maldives Inland Revenue Authority (MIRA) has disclosed the names of 42 companies that failed to submit their income tax statements, raising concerns about tax compliance among major operators in the country.
The list published by MIRA includes a diverse range of businesses, highlighting the ongoing challenge of ensuring adherence to tax regulations within the Maldives. The companies that failed to submit their income tax statements are as follows:
- AAA Trading
- Aima Construction
- Big Fish Maldives
- Bon Free Private
- Canaries Resort
- Centurion Public Limited
- China Machinery Engineering Corporation
- Coral Island Maldives
- Driftwood Maldives
- Ensis
- Equatorial Lines
- Ihusaan Fihaara
- Kandinma Resort
- Litus Construction, Litus General Trading, Litus Maldives
- Miriandhoo
- Nawaloka Construction
- Platinum Capital
- Saudi Bin Laden Company
- Sheesha
- Lotus Fihaara and Lotus Bike under Senior International
This list also features several resorts, which were previously included in MIRA's 'Name and Shame' list shared in 2022 for failing to pay taxes.
According to MIRA policies, companies listed can be removed from this list if they subsequently submit their tax statements. This provision serves as a reminder for businesses to maintain compliance to avoid further repercussions.The disclosure of these companies serves as a critical reminder of the importance of tax compliance for businesses operating in the Maldives. Tax revenues play a pivotal role in funding public services and infrastructure development, which are essential for the country's growth and stability.
The recurring presence of some companies on MIRA’s 'Name and Shame' list suggests a concerning trend of neglecting tax obligations, which can ultimately undermine the trust between businesses and the government. It is imperative that all companies prioritize their tax responsibilities, not only to contribute to national development but also to foster a transparent and accountable business environment.
HDC Announces Plans to Publish Names of Debtors
The Housing Development Corporation (HDC) has announced a major decision regarding outstanding debts owed by individuals and businesses. In a statement released today, the HDC emphasized that debtors must clear any unpaid amounts for commercial services, allocated properties, or properties under development by the end of November.
