BPT is a tax charged, under the Business profit Tax Act (Act Number 5/2011), on the profits of all businesses carried out in Maldives. The Act was published in the Government Gazette on 18 January 2011 and as per the Act, it will commence after 6 months from this date.
Companies, partnerships, individuals and all persons who are resident or carrying out business in Maldives would be subject to tax under this Act. In addition, certain payments made by any Person to a non-resident would also be subject to tax under this Act. The tax rates are:
|Companies, Partnerships and other Persons||15 percent|
|Profit from sources outside Maldives||5 percent|
|Withholding tax||10 percent|