MIRA Signs Addendum on International Tax Information Accord

The Maldives has taken a formal step to bolster its international tax transparency frameworks by endorsing the updated global standard for automatic financial information sharing.

As per MIRA, Commissioner General of Taxation, Fathimath Ameeza, signed the Addendum to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA on AEOI) on behalf of the Maldives Inland Revenue Authority (MIRA). The signing aligns domestic monitoring mechanisms with the Organisation for Economic Co-operation and Development’s (OECD) revised Common Reporting Standard, commonly designated as CRS 2.0.

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The addendum broadens the operational scope of cross-border financial data exchanges between participating tax administrations. Under the revised framework, financial institutions must adhere to expanded reporting obligations, implement enhanced due diligence protocols, and account for emerging financial products and digital assets that previous iterations did not capture.

MIRA stated that the endorsement reflects the country’s ongoing policy to curb offshore tax evasion and modernise regulatory oversight in step with evolving international benchmarks.

Domestic revenue authorities are currently laying the groundwork to integrate the updated rules into local compliance mechanisms ahead of formal implementation, which the government has scheduled to take effect in 2027.