Practices

Tax Compliance Reviews

Maldivian taxation system is based on a self-assessment system and the obligation is on you to ensure that you are doing it right. Failing to do it correctly can cost your business a lot, in terms of fines and penalties for short payments.

Tax audits by the MIRA often results in them assessing additional tax and usually being charged with corresponding fines for the short payment. Our tax compliance review detects potential issues that MIRA may disagree with you and offers the opportunity to correct any material misstatements before an audit.

Our review focuses on every aspect of internal processes and tax procedures of the business, ensuring success with future audits and reducing the possibility of costly assessments and penalties by the MIRA.

A tax compliance review:

  • Ensures that current operations of the business substantially comply with all tax laws and regulations
  • Reviews record keeping and accounting methods
  • Reviews tax treatments of commercial transactions
  • Identifies areas of opportunities to save taxes
  • Reviews tax returns preparation process
  • Recommends changes to current procedures
  • Verifies if the business is claiming all deductions, which it is entitled to.