MIRA introduces Compliance Risk Management Policy

Maldives Inland Revenue Authority (MIRA) made introduction of the Compliance Risk Management Policy and the Compliance Improvement Plan for 2021.

Moreover, the taxation authority notes introductions of the compliance policy and plan comes as means to ease tax obligations for taxpayers.

Furthermore, the policies aim to promote ‘voluntary compliance’ of tax guidelines and thus reduce non-compliance to tax laws and regulations.

The Compliance Risk Management Policy further outlines a model for punitive measures towards those failing to comply with its guidelines.

Meanwhile, MIRA introduced the Compliance Improvement Plan 2021 to promote compliance with tax guidelines and policies.

MIRA also notes it will prioritize collaborating and communicating with taxpayers of Income Tax – which came to inception in 2020.

Additionally, MIRA also reports information sessions and auditing to taxpayers who failed to fulfill tax obligations between 2018 and 2019.