President Ibrahim Mohamed Solih has on Wednesday ratified the third amendment to the Tax Administration Act (Act number: 3/2010).
The Amendment was passed by the Parliament on 29 November 2020, at the 23rd sitting of the third session of the People’s Majlis.
The amendment ratified today introduces reforms that focus on streamlining taxation processes and alleviating difficulties to taxpayers.
It stipulates clear guidelines covering: avoiding double taxation; submission of the country-by-country reports; court process of recovering taxes; collection and storage of taxpayers' information; the grounds upon which taxation authorities can seek, use, and share information on the beneficiaries of a business entity; and guidelines on the tax appeal process.
Upon ratification, the Act has now been published in the Government Gazette.
