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  • Bank Profit Tax Act English

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    This document summarizes the Bank Profit Tax Act of 1985 in Maldives. The act requires all banks operating in Maldives to submit annual audited financial statements to the Ministry of Finance by the end of June each year. It also establishes a tax of 25% on the net profit of banks, where net profit is defined as total profit less authorized expenses. The tax must be paid to the Ministry of Finance by the end of July. The act applies to both commercial banks based in Maldives and foreign bank branches operating there.

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    BPT ACT

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    This document summarizes the Bank Profit Tax Act of 1985 in Maldives. The act requires all banks operating in Maldives to submit annual audited financial statements to the Ministry of Finance by the end of June each year. It also establishes a tax of 25% on the net profit of banks, where net profit is defined as total profit less authorized expenses. The tax must be paid to the Ministry of Finance by the end of July. The act applies to both commercial banks based in Maldives and foreign bank branches operating there.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    7 views2 pages

    Bank Profit Tax Act English

    Uploaded by

    samaan
    This document summarizes the Bank Profit Tax Act of 1985 in Maldives. The act requires all banks operating in Maldives to submit annual audited financial statements to the Ministry of Finance by the end of June each year. It also establishes a tax of 25% on the net profit of banks, where net profit is defined as total profit less authorized expenses. The tax must be paid to the Ministry of Finance by the end of July. The act applies to both commercial banks based in Maldives and foreign bank branches operating there.

    Copyright:

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    Download as PDF, TXT or read online from Scribd
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    Unofficial Translation of BANK PROFIT TAX ACT

    The Bank Profit Tax Bill has become law upon its ratification by the President on Thursday the 27th of June 1985 (9 Shawwal 1405).

    Law Number: 9/85

    Unofficial Translation

    c
    BANK PROFIT TAX ACT
    1. Banks operating in the Maldives shall submit annual financial statements prepared up to the end of each Gregorian year, before the end of June of the subsequent year, to the Ministry of Finance and Treasury. The statements shall be audited by an auditor recognised by the Ministry of Finance and Treasury. 2. Net profit earned by a Bank for a given year shall be subject to a tax of 25% (Twenty Five Percent), payable before the end of July of the subsequent year to the Ministry of Finance and Treasury. 3. Net profit of a Bank, referred to in Section 2 of this Act, shall be the profit after deducting expenses authorised by the Ministry of Finance and Treasury from that years total profit.

    Note:

    (a) (b)

    Tax for the year 1990 shall also be charged under this Act. Reference made in this Act to Banks required to submit annual financial statements and pay tax shall be to commercial banks with their head office in the Maldives and branches of foreign banks operating in the Maldives.

    DISCLAIMER OF LIABILITY The Maldives Inland Revenue Authority shall not accept any liability or responsibility arising out of any reliance whatsoever on the translation contained herein. In the event of conflict between the translations contained herein and the Dhivehi Bank Profit Tax Act, the latter shall prevail for all given purposes. Therefore, it is advised that both the Dhivehi Bank Profit Tax Act and its English translations be read concurrently.

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