MIRA Introduces Simplified Business Deregistration Process

In a move to streamline the business deregistration process, the Maldives Inland Revenue Authority (MIRA) has rolled out a user-friendly, three-step procedure on its official website.

For businesses aiming to deregister an activity from income tax, it is imperative to first cancel the associated business permits before proceeding with the application.

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Conversely, businesses seeking to deregister from GST due to their taxable supplies in the past year being under MVR 500,000, or with an anticipated supply value below this threshold for the forthcoming year, have been exempted from cancelling their business permits. However, it’s crucial for these businesses to note that they should not engage in importing goods into the Maldives or offering goods or services to the tourism sector.

To facilitate a seamless deregistration process, MIRA now offers two methods for application submission. Businesses can either upload the completed form directly on the website or hand it in at their closest MIRA counter.