MIRA publishes new tax ruling

The Maldives Inland Revenue Authority (MIRA) has published new regulations regarding the appointment of auditors assigned with the task of preparing financial statements submitted by taxpayers.

According to a tax ruling issued by MIRA on yesterday (January 12), when a taxpayer’s tax categorisation changes the same auditor can proceed with preparing financial statements after obtaining a special permission from the commissioner general of taxation.

The new ruling also states that audit firms can only be established after registering as a ‘partnership’ under the Company Act and obligates auditors to generate a report by March 31 of each year, according to a format provided by MIRA on the previous year’s audits.

This legally binding ruling signed by  Commissioner General of Taxation Yazeed Mohamed will supersede all previous tax rulings.