Country-by-Country Reporting in Maldives
Maldives has joined Organization for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Inclusive Framework in November 2017 and thereby, committed to implement minimum action standards (i.e. Action Plan 5, 6, 13 and 14).
With this objective, in January 2021, Maldives Inland Revenue Authority (MIRA) has introduced Regulation 2021/ R-9 for implementing Country-by-Country (CbC) Reporting Regulation (BEPS Action Plan 13) in Maldives.
BEPS Action Plan 13 requires large Multinational Groups of Entities (MNE Groups) to file a CbC report to eliminate any gap in information between the taxpayers and tax administrations on jurisdictions where the profits are allocated or taxes are paid on a global level and whether it is commensurate with the economic value / activity undertaken by MNE Group entities.