MIRA tightens regulations on seizing accounts over nonpayment of large debts

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.