Maldives Inland Revenue Authority (MIRA) has published new policies for the non-payment of taxes.
The policies include the actions MIRA would take to reduce the fine for parties that fail to pay taxes on the given deadline. The policy states the party can request to make an agreement with MIRA to pay tax in installments.
MIRA has the authority to freeze bank accounts over non-payment, according to the new policies. The action would be taken in collaboration with Maldives Monetary Authority (MMA) if the unpaid taxes exceed a certain amount and after the party fails to pay taxes after MIRA notifies the party 60 days prior to freezing the account.
The policies also include conditions by which MIRA would publicise the names of the parties that fail to pay taxes. The conditions include the party neglecting to pay taxes after receiving two notices from MIRA or if the party neglected to submit income statements for six months.
MIRA previously provided leeway for parties that were unable to pay taxes on time due to the COVID-19 pandemic. The authority stated the new policies replace its enforcement policy, which had been put on hold for the past two years due to the pandemic.