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  4. Exemptions Under Income Tax Act
Exemptions Under Income Tax Act
27 June 2024 Share Tweet
Pursuant to section 12-1 of the Income Tax Act (Law Number 25/2019), under specific circumstances, the President may, at his discretion, exempt income derived from specific business projects or industries from being liable to income tax.

Persons who may be eligible for this exemption are advised to coordinate with the relevant ministry to proceed with the application for exemption. Applications for this exemption are submitted to us by the relevant ministry, through a completed application form and supporting documents.

Click on the links below for the Income Tax Special Exemption Regulation (Regulation Number 2022/R-5) and the application form to be submitted by the relevant ministry.


Income Tax Special Exemption Regulation

Application form


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 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.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
14Reclamation by Dredging and Shore Protection Works in Addu City22nd May 2022 - 31st December 2024As 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.Van Oord India Private LimitedFC00122022MVR 1,312,421,488.80
15Design and Build of Felivaru Expansion Project23rd January 2023 - 13th July 2024As 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.Rinac India LimitedFC00032023USD 23,737,450.41
16Construction of 2,000 Social Housing Units in Hulhumale Phase 218th January 2022 - 09th September 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.NBCC (India) LimitedFC00042021USD 130,000,000
17Construction of 2,000 Social Housing Units in Hulhumale Phase 216th February 2022 - 14th February 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.Renaatus Projects Private LimitedFC00032022USD 28,900,000
18Construction of 2,000 Social Housing Units in Hulhumale Phase 206th March 2022 - 06th 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.Varindera Constructions LimitedFC00162021USD 78,637,500
19Redevelopment of Gan International Airport27th March 2023 – 26th 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.Renaatus Projects Private LimitedFC00032022USD 29,699,613.51
20Redevelopment of Gan International Airport20th March 2023 – 04th March 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.STUP Consultants Private LimitedFC00202022USD 1,735,074
21MIFCO Expansion Project
27th March 2023 – 27th May 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.OPT International LimitedFC00112023USD 2,909,283.48
22Velana International
Airport Passenger
Terminal Development
Project		20th July 2021 –
20th July 2025		As per the Foreign Investment
Agreement between the Maldivian
Government and the contractor of the
project, applicable tax in connection
with the income generated from the
Project are to be exempt.		Saudi Binladin
Group Company
Limited 		FC-0011/2017USD 540 Million
23Velana International
Airport Passenger
Terminal Development
Project 		20th July 2021 – 20th
July 2025 		As per the Foreign Investment
Agreement between the Maldivian
Government and the contractor of the
project, applicable tax in connection
with the income generated from the
Project are to be exempt.		China Harbour
Engineering
Company Ltd		FC00032018USD 360 Million

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