Third Amendment to Country-by-Country Reporting Regulation Published

The Maldives Inland Revenue Authority (“MIRA”) has amended the Country-by-Country Reporting (“CbCR”) Regulation through its Third Amendment, thereby ending  the temporary suspension of filing requirements for Constituent Entities which are not the Ultimate Parent Entity (“UPE”) of their respective multinational (“MNE”) Group. According to Section 4(b) of the CbCR Regulation, these entities may now be required to file the Country-by-Country Reports for fiscal years ending in the year 2024 or thereafter.

For context, it is important to note that CbCR filing obligations typically apply to MNE groups resident in the Maldives, with the responsibility generally resting on the UPE of the group resident in the Maldives. However, under  specific conditions, this requirement can extend to Constituent Entities within the group that are resident in the Maldives. Notably, MNE Groups with  consolidated group revenues below EUR750 million are exempt from this requirement.