Finance ministry revises its regulations

Finance ministry revises its regulations

The Ministry of Finance and Treasury has revised its regulations that state companies will be required to abide by, before the state income is affected.

In an announcement on Wednesday, the ministry stated that if changes are to be brought to any agreement regarding state income, it will be required to make arrangements to pay the state if there is any payment to be made.

The Maldives Inland Revenue Authority (MIRA) is to be informed of all such amendments and changes.

MIRA is required to guarantee pending payments from any company before their licenses can be changed or amended.

It is also required to arrange any financial transactions that are required to be made that involves state companies as well. The ministry’s circular orders state companies to inform MIRA if any of these changes are brought in the future.

Further, it reads that it is required to get the ministry’s suggestions before changing regulations regarding state income. As such, amendments cannot be brought without acquiring the ministry’s approval through written document.

The ministry also revealed that their circular number 07/2011 has been cancelled following the release of the new circular.