MIRA to impose fines for failure to maintain financial records

The Maldives Inland Revenue Authority (MIRA) has warned that legal action will be taken against businesses with incomplete financial records from April 2015 onward.

In a statement yesterday (December 22), MIRA announced that fines would be imposed on taxpayers who fail to maintain records in accordance with the Tax Administration Act of 2010.

MIRA noted that it has been providing instructions and information to businesses through the media as well as its compliance inspections.

Moreover, a guide on maintenance of financial records is available on the MIRA website and urged businesses to call 1415 for further information and assistance.