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GST in Maldives: A Comprehensive Overview

In 2015, Maldives implemented a Goods and Services Tax (GST) to improve revenue generation and compliance, aligning with international tax practices. This marked an important step for the Maldivian economy, introducing a comprehensive consumption tax. While the standard VAT rate for most goods and services is 6%, it’s important to note that all digital products and services, including SaaS, are subject to this 6% VAT.

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Maldives adopted a Goods and Services Tax (GST) in 2015 to enhance revenue generation and improve compliance.

Official government link: Maldives Inland Revenue Authority

6.00%

E-products and services VAT/Sales tax rate

税率降低的产品类别

No digital goods or services with reduced tax rate

免税产品类别

No digital goods or services exempt

Reverse charge mechanism for B2B sales

Tax ID validation required

Yes

When do you have to register

Registration must be done once threshold has been exceeded

可在线注册

Yes

Local representative needed

Not mandatory

注册流程

To register for VAT in the Maldives, you must submit Form 105 to the Maldives Inland Revenue Authority (MIRA). This form can be completed and submitted online through the MIRA website or in person at a MIRA office

List of digital and electronic services liable for tax

E-books, music downloads, movies, software, video games, cloud computing, web hosting, software as a service (SaaS), streaming services, online advertising, online sales of goods and services.

Penalties

Penalty for late filing of GST return – MVR 50 per day (approx. EUR 3) plus 0,5% of the amount due.
Penalty for late payment – 0,05% of the amount due per day of delay.

Registration threshold

MVR 1 million USD 65.530

Filing interval

Monthly: if turnover exceeds MVR 1 million
Quarterly: if turnover don’t exceed MVR 1 million

Filing deadline

By the 28th day of the month following the reporting period

E-invoicing requirements

–

记录保存

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VAT Compliance for SaaS Businesses in Maldives

Maldivian businesses offering SaaS must comply with specific VAT regulations. Depending on their turnover, filing frequency differs: those exceeding MVR 1 million must file monthly, while others can file quarterly. Payments are due by the 28th of the following month after the reporting period. Maintaining proper records is crucial for VAT purposes, ensuring invoices and receipts are readily available. Currently, e-invoicing is not mandatory but highly recommended for streamlined tax management and enhanced efficiency.

Key Insights and Best Practices

Successful navigation of SaaS VAT in Maldives requires a proactive approach. Staying abreast of the latest regulations is paramount, and consulting a tax professional can be invaluable for ensuring adherence. Additionally, embracing technology through e-invoicing can significantly simplify administrative tasks. By adhering to these regulations, businesses can not only avoid penalties but also contribute to a robust and transparent tax environment in Maldives.

What is the current rate of SaaS sales tax in Maldives?

The current rate of SaaS sales tax in Maldives is 6%.
How does the location of my SaaS customers affect my VAT obligations in Maldives?

If you are located in Maldives and your customer is also in Maldives, you are required to charge the 6% VAT regardless of the location of their business. However, if your customer is located outside of Maldives, you may not need to charge VAT. Determining your VAT liability can be complex, and it is always advisable to consult with a tax professional.
Is there anything specific I need to know as a foreign business selling SaaS in Maldives?

If you are a foreign business selling SaaS in Maldives, you are not required to register for VAT in the Maldives if the only customers are tourists and short-term travelers staying within Maldives for less than 90 days. However, if you have Maldivian customers that reside in the Maldives for over 90 days, then you are required to register for VAT in the Maldives and charge 6% VAT. It is always best to consult a tax professional for advice.

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