Maldives and Bangladesh have commenced the first round of negotiations to sign a bilateral Double Tax Avoidance Agreement (DTAA). Such an agreement between the two countries would aim to avoid or eliminate double taxation or the levying of tax by two or more jurisdictions on the same declared income.
In an exclusive interview with PSM News, the Principal Officer - International Taxation of Maldives Inland Revenue Authority (MIRA), Mariyam Himmath revealed that once such an agreement comes into effect, double taxation from the same income, in transactions between both countries would be eliminated. This would also facilitate tax related information exchange between the two countries, said Himmath.
The Chairperson of National Board of Revenue- Internal Resources Division, Mohamed Nojibur Rahman represented Bangladesh in the discussions while the Deputy Commissioner General of Taxation at MIRA, Hassan Zareer headed the discussions on behalf of Maldives.
The first round of discussions will wind up on July 6, 2017. MIRA revealed that further negotiations are in the pipeline.