MARP kickoff year 2020 by holding The Great HR Best Practice Share Session. MAHRP in association within with Farish & Co together with Maldives Inland Revenue Athority (MIRA) has conducted focused session on “Income Tax Matters and the Role of HR and Administration Teams” targeted to human resource professionals and payroll managers. Over 140 people took part in the session.
Ali Faris Mohamed was the main presenter in the session. He is the Founder and managing partner of Faris & Co, a registered audit and tax consultancy firm in the Maldives. He is a fully qualified member of the American Institute of Certified Public Accountants (AICPA) and a Level 2 Candidate of the Certified Financial Analyst (CFA) Program. He holds a Master’s Degree in Finance from International Islamic University of Malaysia and a Bachelor’s Degree in Business Admin (Accounting) from Lewis-Clark State College, USA.
He is an experienced auditor registered with Auditor General’s Office, and a category 1 licensed tax agent at Maldives Inland Revenue Authority. He has several years of experience in the field of auditing, bookkeeping, tax consultancy and serves a diverse portfolio of clients from multinational companies to high net worth individuals and businesses in the Maldives.
Very prominent team from MIRA joined in the discussion after Farish’s presentation. MIRA Team includes;
Mohamed Siraj Muneer
Assistant Commissioner General, Revenue Operation
Director General, Corporate Business
Mohamed Ali Waheed
Director General, Technical and Facilitation
MIRA team gave detailed information about the regulations, attended some of the question posed by the participants. The seesion was held at Faculty of Education Auditorium. Parliament passed the income tax bill after much debate. The bill was passed in the Parliamentary session 4th December 2019 and was supported by 67 MPs. Imposing income tax is a promise of the current administration. It is also a source of income noted in the proposed state budget of 2020.
The brackets for the taxes are
- 0 – MVR 60,000
- MVR 60,000 – MVR 100,000: 5.5 percent
- MVR 100,000 – MVR 150,000: 8 percent
- MVR 150,000 – MVR 200,000: 12 percent
- MVR 200,000 and above: 15 percent
Income act came to effect on January 1, 2020, and will be collected from April 1, 2020, onwards.
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