Maldives fines GMR

Hyderabad: The Maldivian government has slapped a notice seeking $20.5 million towards income tax and fines on GMR Male International Airport (P) Ltd, a GMR group company, that won a $271-million arbitration against the premature termination of Male International Airport contract.

A GMR spokesperson refuted the tax claim and said they are awaiting response from Maldives Airports Company Limited on the issue.

According to a regulatory filing, the Indian infra major said the Maldives Inland Revenue Authority had issued audit reports and notice of tax assessments demanding profit tax amounting to $14.4 million, $2.8 million as additional withholding tax and $3.3 million as fines, totalling $20.5 million.