President Ibrahim Mohamed Solih has ratified the third amendment to the Tax Administration Act.
The amendment was passed by the Parliament of the Maldives on November 29, 2020. The amendment introduces reforms that focuses on streamlining taxation processes and alleviating difficulties to taxpayers. It stipulates clear guidelines covering: avoiding double taxation; submission of the country-by-country reports; court process of recovering taxes; collection and storage of taxpayers' information; the grounds upon which taxation authorities can seek, use and share information on the beneficiaries of a business entity; and guidelines on the tax appeal process.
Upon ratification, the Act has now been published in the Government Gazette.