Maldives Requires Large Tax Payments to be Paid Electronically

On 23 September 2020, the Maldives Inland Revenue Authority (MIRA) issued Announcement No. (IUL)220-TSS/INDIV/2020/16 concerning the mandatory electronic payment of large tax payments. This includes that with effect from 1 October 2020, any payment exceeding MVR 100,000 or USD 5,000 must be paid electronically via MIRA’s online payment options, MIRAconnect and VaaruPay, or via the Maldives Real Time Gross Settlement (MRTGS) facility.