CFCs are eligible for a foreign tax credit under Section 72 of the Income Tax Act and Section 113 of the Income Tax Regulation of the Maldives. The proportion of foreign tax paid by a CFC which is attributable to a person resident in the Maldives who controls such entity, may be deemed to be a foreign tax paid. It is calculated based on the resident shareholder’s proportional interest in the foreign entity’s total shareholding, multiplied by the total foreign tax paid by the entity