Maldives Inland Revenue Authority (MIRA) has cautioned the public to stay vigil of unauthorized taxation agents who have been on the rise in recent months.
According to MIRA several unauthorized tax agents have been taking contracts on completing taxation documents for companies and business entities.
In Maldives, corporations are mainly required to file Goods and Service Tax (GST) and Business Profit Tax (BPT) reports at MIRA on regular intervals. For this auditors and tax agents are hired by corporations in order to compile the reports.
MIRA states that often reports presented by these unauthorized taxation agents do not meet the requirements of tax reports or documents thus resulting in heavy financial losses to these companies.
"Tax transactions are related to financing. It is important to verify if the hired tax agent is a MIRA registered or permitted agent before assigning such crucial jobs" MIRA said.
