Maldives Inland Revenue Authority (MIRA) has introduced its ‘Compliance Risk Management Policy’ and the ‘Compliance Improvement Plan’ for the ongoing year.

The policy was compiled in order to ease the tax obligations for those paying taxes and increase voluntary compliance among payers, as well as to reduce non-compliance to tax laws and policies in place.

Under the ‘Compliance Risk Management Policy’, MIRA will be supervising taxpayers in accordance with the categories and the amount of tax they owe, and will be carefully evaluating compliance risks in order to promote voluntary compliance to tax laws and policies.

Further, MIRA revealed that they will also be compiling a model for taking action against those who violate with their guidelines, under the policy.

With an aim to increase payer compliance with tax guidelines and policies compiled by the authority, MIRA also introduced the ‘Compliance Improvement Plan 2021’ under which they will be evaluating compliance under four key points.

Under this, MIRA will collaborate and communicate with taxpayers in order to perfect the income tax introduced during 2020, and pave efficient methods for income tax payers amid the ongoing Covid-19 pandemic.

The plan also outlines actions that may be taken against taxpayers who failed to complete tax obligations between 2018 – 2019. Tax violations will be investigated by the authority.

As such, the authority plans to conduct information sessions and audits for those who failed to complete tax obligations between 2018 – 2019, as well.