Under the previous regulation, accounts could be frozen if payment was not made within 60 days. However, an amendment introduced on Sunday allows accounts to be frozen even after the notice period has expired.
Maldives Inland Revenue Authority (MIRA) has tightened regulations on the seizure of bank accounts for individuals and entities with large unpaid debts to the State.
Under the previous regulation, accounts could be frozen if payment was not made within 60 days. However, an amendment introduced on Sunday allows accounts to be frozen even after the notice period has expired.
Accounts will be frozen if the outstanding amount exceeds a threshold set by MIRA, excluding penalties and interest. However, accounts will not be frozen if the entity has agreed to a payment plan or if it is a government agency or a company where the government holds a majority stake.
MIRA has intensified its efforts to crack down on tax evasion, issuing over 67,000 reminders and notices to non-compliant taxpayers in the past three months.
Sign In
