President Solih ratifies third amendment to Tax Administration Act

President Ibrahim Mohamed Solih has ratified the third amendment to the Tax Administration Act of Maldives.

The president ratified the amendment on Wednesday, after it received approval from the People’s Majlis at the 23rd sitting of its third session held on November 29.

The act has been publicized in the government gazette upon ratification.

The ratified amendment introduces reforms that focus on restructuring the taxation processes and easing challenges facing taxpayers.

The amendment specifies clear guidelines which cover; avoiding double taxation, the submission of country-by-country reports, the court process of recovering taxes, the collection and storage of information relating to taxpayers, the grounds upon which taxation authorities can seek, use and share information on the beneficiaries of a business entity as well as guidelines on the tax appeal process.