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.
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