Changes in Rules of End of Accounting Period for Companies in Dissolution

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The Maldives Inland Revenue Authority has published Ruling B61 on 29 May 2017 which amends Section 11 of the Business Profit Tax Regulation.

The amended Section 11(b)(1) of the BPT Regulation stipulates that the date on which a person or persons, appointed to commence winding up proceedings of a company in accordance with Section 76(a) of the Companies Act, notifies the Registrar of such appointment under Section 76(c) is considered the date on which winding up commenced for the purpose of Section 11(a) of the BPT Regulation. Prior to this Ruling, Section 11(b)(1) indicated that the date on which a Special Resolution was passed in accordance with 76(a) of the Companies Act was considered the date on which the company commenced winding up proceedings.

Section 11 of the BPT Regulation deals with rules pertaining to a company that commences with winding up procedures.