President Mohamed Nasheed has today ratified the Tax Administration Bill, which was passed by the People’s Majlis on 8 March 2010. The Act has now been published in the government gazette.

The Act specifies an administrative framework on taxation and administrative measures for implementing a tax system.

The Act establishes an independent legal entity known as the “Maldives Inland Revenue Authority (MIRA)”. MIRA’s mandate includes implementing laws and policies on taxation, and collecting all taxes payable to the State.

The policies of MIRA will be formulated by a board of directors, who must be appointed within 60 days of the establishment of MIRA. Also, a Tax Appeal Tribunal, which will adjudicate tax related cases submitted in accordance with this Act and other Taxation Acts, must be established within 90 days of ratification of the bill.