Maldives Inland Revenue Authority (MIRA) has begun an initiative to establish Automatic Exchange of Information (AEOI) standards in Maldives. MIRA aims to inaugurate the establishment of AEOI standards in Maldives by 2020.
The Automatic Exchange of Information portal provides a comprehensive overview of Organisation for Economic Co-operation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. Over 100 counties have adapted the standards and with Maldives becoming a member of Global Forum on February 2016, the standards are developed under the agreement to pave way for international acknowledgeable information exchange mechanism.
In January this year, a high level delegation from Global Forum has met with all banks and insurance companies operating in the country to discuss and to establish such standards in Maldives, revealed MIRA.