Monday, June 04, 2018

Maldivian govt slaps $20.5 million income tax notice on GMR

Hyderabad:  The Maldivian government has slapped a notice seeking $20.5 million towards income tax and fines on GMR Male International Airport (GMIAL), a GMR group company, that won a $271-million arbitration against the premature termination of the Male International Airport contract. A GMR spokesperson refuted the tax claim by the island nation.
GMIAL entered into an agreement on June 28, 2010 with the Maldives Airports Company (MACL) and ministry of finance and treasury (MoFT), Maldives, for the modernisation, operation and maintenance of Ibrahim Nasir International Airport for a period of 25 years.
However, on November 27, 2012, MACL and MoFT issued notices to GMIAL, stating that the concession agreement was “void ab initio (invalid)” and that neither the MoFT nor the MACL had authority under the laws of Maldives to enter into the agreement. MACL, then, took over the possession and control of the MIA, and GMIAL vacated the airport effective from December 8, 2012.
04/06/18 Times of India