Maldives announces tax exemption for 10 Indian loan projects
The Maldivian government and Exim Bank have agreed to waive taxes to be paid for these projects.
The government has released the details of 10 tax exempt projects in the Maldives that have been awarded to companies using the credit lines provided by India.
Under the Income Tax Act and tax exemption regulation, the finance ministry is required to declare a list of tax exempt projects designated by the president.
The finance ministry released the list on Monday. This includes the company executing the projects, the time period for tax payment, and the reason for the appeal. It also made public the amount of investment the company had invested in the project.
Tax exempt companies and projects:
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1-
Addu development project consultancy - L&T Infrastructure Engineering Limited and Air Associates South Asia Private Limited JV LLP
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2-
Addu water system and road development - Afcons Infrastructure
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3-
Design and construction of water and sanitation services in HA. Kelaa, H. Baarah, HDh. Vaikaradhoo, Sh. Funadhoo, Sh. Lhaimagu and N. Manadhoo - Vishwaraju Environment Private Limited
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4-
Design and construction of water and sanitation services in Lh. Kurendhoo, K. Gaafaru, K. Kashidhoo, AA. Maalhos and AA. Thoddoo - JMC Projects India Limited
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5-
Design and construction of water and sanitation services in ADh. Dhangethi, ADh. Dhigurah, V. Felidhoo, V. Fulidhoo and V. Thinadhoo - JM C Projects India Limited
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6-
Design and construction of water and sanitation services in M. Maduvvari, M. Kolhufushi, M. Muli, F. Dharanbudhoo, F. Billeiydhoo, Dh. Bandidhoo and Dh. Meedhoo - SMC Infrastructures Private Limited
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7-
Design and construction of water and sanitation services in Th. Hirilandhoo, L. Gan, L. Isdhoo, L. Maamendhoo and L. Maabaidhoo - SMC Infrastructures Private Limited
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8-
Designing and project management consultancy of water and sewerage systems to be set up in 34 islands - Shah Technical Consultants Private Limited
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9-
HDh. Hanimaadhoo international airport development project - JMC Projects India Private Limited
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10-
Thilafushi link connecting the proposed port and industrial area to Male - Afcons Infrastructure
All these projects come under the credit line of Exim Bank of India. The Maldivian government and Exim Bank have agreed to waive taxes to be paid for these projects.
