Economic Ministry establishes commission to reform tax system

Economic Minister, Fayyaz Ismail has established a special committee for the reform of the tax system.

Speaking to the press on Thursday, the Minister said the committee comprises of senior officials from relevant government authorities as well as private auditors and attorneys. The mandate of the committee includes identifying the challenges faced by the current tax system and figuring out a solution to address these issues. The committee will also provide counsel to the minister on related matters.

Fayyaz stressed that the current government would continue their efforts to establish a strong and fair tax system in the Maldives.

Speaking at at the recent Boating Awards ceremony, the minister has previously claimed that national tax agency, Maldives Inland Revenue Authority (MIRA) is hindering the growth and prosperity of local small and medium businesses.

During the presidential campaign, President Ibrahim Mohamed Solih had pledged to reform the tax system and empower local businesses through MIRA. He also promised to charge income tax in a bid to perfect the tax system.

MIRA is a fully autonomous body responsible for tax administration in the Maldives. The main responsibility of MIRA include execution of tax laws, implementation of tax policies and providing technical advice to the government in determining tax policies.