 1. Taxpayers are required to submit schedule 5, Reporting of share of taxable income from Controlled Foreign Entities, if they are a resident of the Maldives and hold 10% or more in the share capital of a controlled foreign entity as specified in Section 70 of the Income Tax Act.
2.  Txapayers who hold more than 10% in the share capital of more than one Controlled Foreign Entity must submit schedule 5 for each
of such entity separately.