Ministry orders prior notice of changes to finance regulations

Finance Ministry has published a circular that states any changes to finance regulations should be informed to Ministry of Finance.

In the circular released by Finance Ministry last Sunday they stated that if any changes are being brought to an agreement made by a state institution on finance regulations, Maldives Inland Revenue Authority (MIRA) should be informed.  

The circular states that MIRA should be informed before the person with whom the agreement is made is changed, before renewing the agreement or extending the agreement.

Additionally, if the institute has to pay money to the government, a decision has to be made on how the payments should be carried out among the participants of the agreement. If these changes are being made, MIRA should be informed with a written statement.

The circular of Finance Ministry states that the institutions need to check whether they have to make any payments to the state before they appeal to a new license, renew an old license, change the license, change the owner of the business or bring any other changes to the business if the finance law and regulations states otherwise.  

If the business has to make any payments to the state, an agreement has to be made between those involved in the case, and a guideline on how the payments should be paid have top be drawn. MIRA should be informed in a written statement if a change is brought to the license or permit of a business, or a change is brought to the owner of a business.

Moreover, if a state institute bring changes to their finance regulations, they have to consult and get written permit from the Finance Ministry on how the changes will affect the state income.

The circular comes as the State deals with multiple finance cases involving settlements to private companies by State offices and companies. A number prominent such cases have recently ended against the State.