Maldives has signed a ‘Double Tax Avoidance’ (DTA) Agreement with Hong Kong on Monday.
The Maldives Inland Revenue Authority (MIRA) said the agreement aims to prevent double taxation between the two countries, ensure the rights of taxpayers of both countries, as well as close the doors on tax fraud.
The agreement was signed by Commissioner General of Taxation, Hassan Zareer and Commissioner, Inland Revenue Department of Hong Kong, Sze Wai Benjamin Chan during the sidelines of the Asia Initiative meeting, marking another key milestone in tax transparency efforts.
MIRA described this agreement as a step forward in strengthening bilateral tax cooperation between the tax authorities of two countries.
Maldives signed a DTA agreement with India in 2016 followed by the United Arab Emirates in 2017, Bangladesh in 2021 and with Malaysia in 2024.
As part of its efforts to implement a strong tax system in the Maldives, MIRA has been continuously working to establish a strong tax treaty network with friendly nations.