Minister of Economic Development Fayyaz Ismail has described Maldives Inland Revenue Authority (MIRA) as an obstacle to Maldivian businesses.
Addressing the Maldives Boating Award 2018, Economic Minster Fayyaz Ismail stated in the past five years, MIRA was run as an obstruction, adding a full review would be made in the coming days. Noting MIRA was not formed as a threat to businesses, the economic minister said several companies have gone bankrupt as a result of the authority.
Speaking more about the state tax authority, Minister Fayyaz announced plans to amend the regulations of MIRA and tax related laws. Moreover, the minister said MIRA was used as a tool to solve the problems faced to the government politically rather than letting the authority act upon the set mandates. He assured the current administration aims to solve all issues faced to businesses, adding discussions are underway to abolish import license in an attempt to further boost the economy.
Meanwhile, the economic minister revealed 7,500 registered companies which are not actively in operation will be abolished. He said companies will be granted a superior deal of independence and freedom to operate in the coming days.