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Exemptions Under Income Tax Act
11 April 2023 Share Tweet
List of Projects Granted Exemption Under Article 12-1 of Income Tax Act (Act No. 25/2019)


No.Name of the ProjectPeriod of ExemptionReason for ExemptionName of the ContractorContractor's Registration NumberValue of Investment Relating to the Exempt Income
1Addu City Development Project Consultancy20th July 2021 - 31st December 2025 As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.L&T Infrastructure Engineering Limited and Lea Associates South Asia Private Limted JV LLPP008020201MVR 103,400,046.53
2Design and Construction of Roads and Drainage System in Addu CIty20th July 2021 - 31st December 2024 As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.Afcons Infrastructure LimitedFC00022021MVR 1,129,309,852.32
3Development of Water and Sewerage Facilities in HA.Kelaa, HA.Baarah, HDh.Vaikaradhoo, Sh.Funadhoo, Sh.Lhaimagu and N.Manadhoo27th July 2021 - 31st March 2025As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.Vishvaraj Environment Private LimitedFC00112021MVR 268,965,967.04
4Development of Water and Sewerage Facilities in Lh.Kurendhoo, K.Gaafaru, K.Kaashidhoo, AA.Maalhos, and AA.Thoddoo 20th July 2021 - 31st March 2025 As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.JMC Projects (India) LimitedFC00082021MVR 201,489,346.68
5Development of Water and Sewerage Facilities in ADh.Dhagethi, ADh.Dhigurah, V.Felidhoo, V.Fulidhoo and V.Thinadhoo20th July 2021 - 31st March 2025 As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.JMC Projects (India) LimitedFC00082021MVR 205,092,075.48
6Development of Water and Sewerage Facilities in M.Kolhufushi, M.Maduvvari, M.Muli, F.Bilehdhoo, F.Dharaboodhoo, Dh.Bandidhoo and Dh.Meedhoo20th July 2021 - 31st March 2025As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.SMC Infrastructures Private LimitedFC00092021MVR 309,270,380.30
7Development of Water and Sewerage Facilities in Th.Hirilandhoo, L.Gan, L.Isdhoo, L.Maamendhoo and L.Maabaidhoo 20th July 2021 - 31st March 2025 As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.SMC Infrastructures Private LimitedFC00092021MVR 281,879,003.22
8Design and Project Management for Development of Water and Sewerage Facilities in 34 Islands20th July 2021 - 31st March 2025 As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.Shah Technical Consultants Private LimitedFC00112019MVR 60,713,653.73
9Hanimaadhoo Airport Development Project22nd October 2022 - 21st October 2025As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.JMC Projects (India) LimitedFC00082021MVR 2,106,763,458.90
10Male'-Thilafushi Link Project16th September 2021 - 17th May 2025 As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.Afcons Infrastructure LimitedFC00022021MVR 8,175,939,585.88
11Development of Water and Sewerage Facilities in GA.Dhaandhoo, GA.Gemanafushi, GA.Maamendhoo, GDh.Madaveli, GDh.Faresmaathoda and GDh.Hoandehdhoo20th July 2021 – 31st March 2025As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.Triveni Engineering and Industries LimitedFC00072021MVR 331,692,921.90
12Construction of 2,000 Social Housing Units in Hulhumale Phase 201st November 2021 – 09th June 2026As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.JMC Projects (India) LimitedFC00082021USD 137,000,000
13Hanimaadhoo Airport Development Project22nd October 2022 – 21st October 2025As per the Dollar Credit Line Agreement between the Maldivian Government and the Indian Export Import Bank, under which the project is financed, applicable tax in connection with the Project are to be exempt.STUP Consultants Private LimitedFC00202022USD 3,260,342