The fifth amendment to the Income Tax Regulation has been published in the Gazette today. It is now available on MIRA website.
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 Rufiyaa (MVR) must pay tax to MIRA in United States Dollar (USD). The amendment also provides clarification on determining presentation currency and the presentation currency of tax returns.
Related Documents:
Fifth amendment to the Income Tax Regulation (English)
Fifth amendment to the Income Tax Regulation - Gazette