Tax Agent Regulation has been published in the Gazette

The Tax Agent Regulation which will be used to regulate the persons issued with a license to assist taxpayers in tax related matters has been published in the gazette. MIRA is assigned the responsibility of issuing licenses to tax agents under the Tax Administration Act.

The Tax Agent Regulation, published on 18 June 2014, outlines the requirements of tax agents. The policy states that MIRA will be issuing licenses to 2 categories of tax agents. Category 1 tax agents can provide their service to any taxpayer. However, Category 2 tax agents can only take on agency role of taxpayers whose annual income is below Rufiyaa 10 Million. The licenses for both categories will be issued only after the completion of an exam given by MIRA, and Category 2 agents are required to complete a course conducted by MIRA. Additionally, all tax agents are required to participate in the Continuous Professional Development program conducted regularly by MIRA, and those who do not complete this program may have their licenses rescinded.

Tax Agents are appointed to assist taxpayers in calculating their tax payable, prepare their tax returns, advise them on tax related matters and to communicate with MIRA on behalf of the taxpayer. Once tax agency process starts off, MIRA believes it will have a better relationship with taxpayers and that this will make the tax system more efficient. Process of issuing licenses to tax agents will commence soon.

19 Jun 14