The Maldives Inland Revenue Authority (MIRA) announced the publication of the Fifth Amendment to the Income Tax Regulation on 12 September 2024. The amendment addresses the currency rules in relation to taxes imposed under the Income Tax Act and specifies that a person whose functional currency is a currency other than Maldivian Rufiyaa (MVR) must prepare returns and pay tax to MIRA in United States Dollars (USD). The new requirements generally apply from the second interim income tax return and payment for the tax year 2024 and from the periods ending on or after 31 October 2024 for employee withholding...