Among other changes, the Fourth Amendment to the Tax Administration Regulation (the “Amendment”) outlines the Maldives Inland Revenue Authority’s (“MIRA”) audit procedure and introduces additional factors in relation to tax assessments and filing objections with the MIRA. The Amendment also elaborates on the procedures to be followed with respect to recovery of non-tax revenues, the Mutual Administrative Procedure (“MAP”), Automatic Exchange of Information (“AEOI”) and the Common Reporting Standard (“CRS”).
This Overview provides a summary of the following key areas of the Amendment, which may have an impact on taxpayers:
- Record maintenance
- Auditing and MIRA’s assessment
- Recovery of non-tax revenue
- Mutual Agreement Procedure
- Common Reporting Standard