GST Standard rate
Goods and Services Tax (GST) standard rate in the Maldives in 2024 is 8% in general sector and 16% in tourism sector. It applies to supplies of all goods in the Maldives and import, with certain exclusions for essential goods (fruits, baby food, eggs, fish, rise and so no), which are taxed at 0%.
GST registration threshold
Businesses must register for GST purposes in the Maldives, if their turnover in the previous 12 months exceeded MVR 1 million (approx. EUR 60,000).
Non-resident businesses are not required to register for GST if they do not have the permanent establishment in the Maldives. The appointment of the legal tax agent is not mandatory.
Businesses which supply goods to the Maldives must submit the registration form 105 to the Maldives Inland Revenue Authority (MIRA) within 30 days. It should be done online via tax authority website.
Businesses can reclaim input tax by deducting it from output tax. Expenses that are not relevant to the business cannot be claimed for deduction. Input tax is not recoverable to the businesses that are not registered for VAT purposes in the Maldives.
The period of keeping records in Bangladesh must be at least five years.
GST returns filing and payment date
GST returns in the Maldives must be submitted electronically on monthly basis, if the turnover in the previous 12 months exceeded MVR 1 million (approx. EUR 60,000), and on qurterly basis if the turnover did not exceed this amount. The deadline for filing and payment is the 28th day of the month following the reporting period.
Penalties in Maldives
- Penalty for late filing of GST return – MVR 50 per day (approx. EUR 3) plus 0,5% of the amount due.
- Penalty for late payment – 0,05% of the amount due per day of delay.