High Court supports Tax Appeal Tribunal’s decision on SBI
High Court supports Tax Appeal Tribunal’s decision on SBI
High Court has approved the decision made by the Tax Appeal Tribunal, which supports the decision made by Maldives Inland Revenue Authority’s (MIRA) for State Bank of India (SBI) to pay MVR 55.6 million in the form of additional tax.
The verdict made heard at High Court on Monday stated clearly that there are no court objections regarding Tax Appeal Tribunal’s approval of MIRA’s decision.
After auditing the 2011 fiscal report of SBI, MIRA had sent them a notice declaring payment of MVR 55,647,652.75 on October 31st, 2012. SBI had paid the due amount after objecting against the large figure initially. However, later they had appealed to the Tax Appeal Tribunal, requesting them to review the notice by MIRA.
During the time of the appeal, SBI had stated that they feared double taxation upon MIRA’s actions.The verdict by high court responded saying that there was no legit reason for SBI to fear double taxation.
