Maldives Tax Newsletter - April 2025
Welcome to the Maldives Tax Newsletter where you will find highlights from national developments in tax law and policy.
Tax Law
Maldives Inland Revenue Authority (MIRA) Publishes its Second Amendment to the Instalment Policy
On 25 March, MIRA published its Second Amendment to the Instalment Policy.
Highlights from the amendment include:
Two instalment agreements for each tax type could previously be agreed upon. However, this is now limited to one agreement per tax account and the Commissioner General of Taxation retains discretion to grant more instalments.
New instalment plans were not previously granted for payments that have been given instalment plans before. However, this condition has now been repealed.
MIRA 905 (Request for Instalment Plan) can now be submitted via MIRA Connect.
Commissioner General of Taxation retains the discretion to nullify instalment agreements if reporting and payment obligations arising outside of the instalment obligations of the tax account have not been fulfilled, without a reasonable excuse, within 30 days past the deadline.
For instalment plans regarding additional tax assessed in an investigation by MIRA, the taxpayer must pay double the commitment payment stated in the schedule of the policy and the instalment period stated in the schedule will be halved as well.
The policy sets new rules on the situation where an instalment agreement had previously been nullified due to non-compliance. To be granted a new instalment plan, the taxpayer will need to pay 50% of the amount subject to instalment in addition to the commitment amount. This is in the situation where the new instalment plan includes payments that were previously subject to an instalment plan.
Maldives Inland Revenue Authority (MIRA) Publishes its Fourth Amendment to the Name and Shame Policy
On 19 March, MIRA published its Fourth Amendment to the Name and Shame Policy, a major highlight being the repeal of Section 2(a)(5). Under Section 2(a)(5), one of the preceding conditions for publishing taxpayer names was the requirement for Risk Profiling to determine that their names need to be disclosed with reference to their compliance risk. However, this condition has now been repealed.
Maldives Inland Revenue Authority (MIRA) Publishes a Draft Sixth Amendment to Income Tax Regulation
On 12 March, MIRA published a draft Sixth Amendment to Income Tax Regulation for public comment which remained open for comment until the 15th of April 2025.
Conclusion
Thank you for reading this edition of our newsletter. We hope you found the updates valuable. If you have any questions or would like any further information, please do not hesitate to contact us.
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