Business Tax

MIRA Introduces Compliance Risk Management Policy

Maldives Inland Revenue Authority (MIRA) has introduced its Compliance Risk Management Policy and the Compliance Improvement Plan for 2021.

MIRA states that the policy was introduced to ease the tax obligations for taxpayers, promote ‘voluntary compliance’ of tax guidelines, and reduce ‘non-compliance’ to tax laws and policies.

The policy outlines that in the future, MIRA will be actively overseeing taxpayers based on the category of the taxpayer and the amount of tax owed, after evaluation of compliance risks.

Additionally, the policy also outlines a model for taking action against those who fail to comply with the guidelines.

To promote compliance with tax guidelines and policies outlined by MIRA, the state body has also introduced the ‘Compliance Improvement Plan 2021’ along with the policy. MIRA has further detailed they will prioritize collaborating and communicating with taxpayers of Income Tax introduced last year.

MIRA also revealed that in order to take appropriate action on those who failed to fulfil tax obligations between the years 2018 and 2019, MIRA will be providing information sessions and auditing to those taxpayers. Lastly, tax evaders will be thoroughly investigated as well.

Full details are available at the link below:

Source URL: Corporate Maldives

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