The Maldives Inland Revenue Authority (MIRA) is currently a hindrance to local businesses and needs heavy reform, Economic Minister Fayyaz Ismail has said, pledging nation-wide tax reviews.

Minister Fayyaz said this during an address on Sunday night, adding that MIRA had been formed to serve businesses and to preserve the interests of the general public.

Fayyaz said that the new government aims to foster entrepreneurial efforts and create an environment of ease for local businesses, and ‘not bring about sudden and abrupt changes’.

The minister went on to say that the import licenses of companies will be put to review next week, which has been pending for ’20 or 25 years’.

While the Economic Ministry is to be cancel licenses of over 7,000 business, Fayyaz said that companies will enjoy a greater deal of independence but will not be allowed to ‘abuse this in any way’.

Speaking to those gathered at the Maldives Boating Awards event, Fayyaz said that a harbor for safaris to safely dock their vessels will be established soon and work in this regard will begin in the next few months.