Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Maldives not to press for income tax, fines of over $20 mn from GMR on Male airport contract compensation
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Maldives not to press for income tax, fines of over $20 mn from GMR on Male airport contract compensation

Maldives not to press for income tax, fines of over $20 mn from GMR on Male airport contract compensation

Press Trust of India • May 27, 2019, 11:53:53 IST
Whatsapp Facebook Twitter

In a statement issued on 23 May, the Maldivian Attorney Generals Office has said no sum will be imposed on GMR by the Maldives Inland Revenue Authority on the final award sum in respect of taxes.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Maldives not to press for income tax, fines of over $20 mn from GMR on Male airport contract compensation

Hyderabad: In a breather to GMR Group, the Maldivian government has decided not to press for income tax and fines of over $20 million from the infra major on the compensation it received from the island nation for the premature termination of Male International Airport contract. In a statement issued on 23 May, the Maldivian Attorney Generals Office has said no sum will be imposed on GMR by the Maldives Inland Revenue Authority on the final award sum in respect of taxes. The Maldivian government in 2017 had slapped a notice seeking $20.5 million (approximately Rs 137 crore) towards income tax and fines from GMR Male International Airport Private Limited, a GMR group company, that won $270 million arbitration against the premature termination of the contract for modernisation and operation of the Male airport. [caption id=“attachment_2131691” align=“alignleft” width=“380”]Reuters Representational image. Reuters[/caption] The Indian infrastructure major refuted the tax claim by Maldives. “We have been informed by the government (of Maldives), and, therefore, confirm that no sum will be imposed (on GMR) by Maldives Inland Revenue Authority on the final award sum in respect of taxes. As a result, there is no need for any sum to be added to the final award sum to take into account any tax to be imposed by the Maldives Inland Revenue,” Authority the Maldivian Attorney Generals Office said. When contacted, an official of the GMR Group confirmed the development and welcomed the decision of the Maldivian government. “Maldives government has now agreed with the GMR assertion that GMR need not pay any tax on the arbitration award. GMR welcomes this positive outcome, the company spokesperson told PTI Sunday in an email response. GMIAL had entered into an agreement on 28 June, 2010 with the Maldives Airports Company Limited (MACL) and the Ministry of Finance and Treasury (MoFT), Maldives, for the rehabilitation, expansion, Modernisation, operation and maintenance of the Ibrahim Nasir International Airport for a period of 25 years. However, in November, 2012, the agreement was repudiated by the MACL and the MoFT alleging that the same was void ab initio, following which GMR initiated international arbitration. A Singapore arbitration tribunal awarded $270 million arbitration against the premature termination of the contract. During 2017-18, the Maldives Inland Revenue Authority had issued tax audit reports and notice of tax assessments demanding business profit tax amounting to $14.4 million, $2.8 million as the additional withholding tax and further $3.3 million towards fines, GMR had earlier said. The mega project to develop the country’s main airport worth over $500 million was awarded to GMR during the tenure of former President Mohamed Nasheed, despite concerns by the then opposition. Shortly after the controversial resignation of Nasheed, the island nation government had cancelled the airport project.

Tags
NewsTracker Income tax GMR Mohamed Nasheed GMR Group MACL Maldivian government Maldives Inland Revenue Authority
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV