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Exemptions Under Income Tax Act
23 February 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 Exempted CompanyBusiness Registration NumberValue of Investment Relating to the Exempt Income (MVR)
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 LLPP008020201103,400,046.53
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 LimitedFC000220211,129,309,852.32
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 LimitedFC00112021268,965,967.04
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) LimitedFC00082021201,489,346.68
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) LimitedFC00082021205,092,075.48
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 LimitedFC00092021309,270,380.30
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 LimitedFC00092021281,879,003.22
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 LimitedFC0011201960,713,653.73
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) LimitedFC000820212,106,763,458.90
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 LimitedFC000220218,175,939,585.88