The Maldives Inland Revenue Authority (MIRA) has issued a tax ruling that prescribes a thin capitalization rule for the deduction of interest and payments economically equivalent to interest, in the computation of taxable profit. The ruling provides that the total amount of interest paid or payable, except to a bank or financial institution approved by MIRA, that is deductible by a person in the computation of that person's taxable profit shall not exceed the lesser of:
- the total amount of…