President ratifies Tax Administration Bill

President Mohamed Nasheed has ratified the Tax Administration Bill on 18 March.

The bill was passed in Parliament on 8 March 2010, and has now been published in the government gazette.

The Act establishs an independent legal entity know was the Maldives Inland Revenue Authority (MIRA).

MIRA will implement laws and policies on taxation and will also be responsible for collecting taxes payable to the State.

There will be a board of directors appointed within 60 days of the establishment of MIRA. They will be responsible for formulating the policies of MIRA.

There will also be a Tax Appeal Tribunal which will oversee tax-related cases. The tribunal must be established within 90 days of the ratification of the bill.