This issue is focused on the Transfer Pricing Regulation (Regulation Number 2020/R-43) published by the Maldives Inland Revenue Authority (MIRA) on 10 June 2020.
Transfer Pricing Regulation governs and implements the requirement imposed under Section 68 of the Income Tax Act (“ITA”) which entails all person’s subject to tax under the ITA to prepare and maintain Transfer Pricing Documentation in relation to transactions and arrangements entered into between related parties.
Key topics covered in the Regulation, and detailed in this issue of Tax Alert, are:
- Requirements of Transfer Pricing Documents
- Qualifying Past Transfer Pricing Documents
- Exemption from preparing Transfer Pricing Documents