For the first time in the country, Maldives Inland Revenue Authority (MIRA) has publicized the Advance Pricing Arrangement regulation.
The Advance Pricing Arrangement regulation was publicized in the government gazette on Tuesday, upon which it comes into immediate effect.
The regulation is in accordance with Section 53-1 (d) of the Tax Administration Act.
The newly publicized regulation allows taxpayers to establish bilateral or multilateral agreements and revolves mainly around global transactions and the proposition of the arms-length terms for transactions.
Under the regulation, appliers for pre-filing consultations are required to submit their forms along with required documents to MIRA.
