Installment Payments Made Easier in Maldives

Sunday 8th of December 2019

Installment Payments Made Easier in Maldives

The following changes have been made regarding requests for payments in installment scheme.

• Conditions for accepting installment payments

The payment for installment request should be due for 60 days (user should receive final payment notice). All the documents and declarations relating to that tax should be submitted to MIRA. If a person was previously given this opportunity, the past installment should be completely repaid. However, if a person was not able to repay and the installment agreement was cancelled, 6 months should pass since the cancellation.

Even if these conditions are not fulfilled, the Commissioner General holds the authority to accept payments in installment scheme.

• Considerations when accepting requests

If the payments by small firms are in instalment agreement, and if the required commitment payment is paid or cash is taken out from frozen bank account, Commissioner General has the authority to leave that account.