The Maldives Inland Revenue Authority (MIRA) has issued a fresh advisory calling on taxpayers to ensure that their accounting software and Point of Sale (POS) systems are fully aligned with national tax laws and regulations.
The circular comes amid growing concerns that some businesses are failing to maintain complete and accurate documentation required for tax purposes. MIRA stressed that under Section 27 of the Tax Administration Act and Section 14 of the Tax Administration Regulation, it is the legal duty of every taxpayer to preserve detailed records of all financial activities.
While the authority supports the use of electronic and digital tools for bookkeeping, it underlined that such systems must be properly configured to capture all required information. In particular, the software should be capable of producing detailed reports upon request.
MIRA cautioned that proper documentation is essential for verifying figures declared in tax returns. Failure to provide adequate records could result in the rejection of reported amounts during audits, potentially leading to penalties.
Businesses relying on digital systems have been urged to review their accounting and POS solutions to confirm that they comply with legal requirements. The tax authority noted that the move is part of its broader push to strengthen compliance and reduce risks linked to poor record keeping and revenue underreporting.
MIRA reiterated that maintaining transparent and reliable financial records not only ensures compliance but also supports fair and accurate assessments across the tax system.
