The Maldives Inland Revenue Authority (MIRA) has issued a tax ruling yesterday stating that only donations made in money can be deducted from income tax of taxpayers and businesses.

According to the tax ruling issued by MIRA yesterday, donations made in money by a taxpayer to a charitable organization approved by the Commissioner General can be deducted in computing the taxable income of the person during the computation period.

The organization donating must be on the list of organizations published by MIRA. This amount is deductible if the donation was made during the taxable period.

According to the MIRA ruling, donations of goods or services to any association are not tax deductible.

The ruling will come into force on March 1, 2024, MIRA said.