Maldives: Tightened enforcement procedures; new reporting rules for special economic zones
Recent tax-related developments
Recent tax-related developments include tightened enforcement procedures and new reporting rules for special economic zones developers and investors.
- The Maldives Inland Revenue Authority (MIRA) amended three enforcement policies to strengthen tax compliance measures for non-filers and non-payers—effective October 20, 2024. Key changes include reducing the notice periods for non-compliance from 30 to 15 days, updating conditions for freezing bank accounts, and allowing the publication of default amounts and periods for non-payers sooner than before.
- MIRA on October 28, 2024, issued Regulation 2024/R-106, requiring special economic zone (SEZ) developers and investors to submit detailed financial documents by June 30 each year to assess economic activities and tax expenditures related to SEZ incentives.
For further information, contact a KPMG tax professional:
Ali Muaaz | amuaaz@kpmg.com
Nazeera Moosa | nmoosa1@kpmg.com
Calistus Eugene | ceugene@kpmg.com