MIRA has published their Compliance Risk Management Policy

MIRA has published their Compliance Risk Management Policy along with their Compliance Improvement Plan for 2021.

According to MIRA, the objective of this policy is to promote voluntary compliance by making it easy for taxpayers to fulfil their tax obligations and to deter non-compliance through regulated actions.

In the future, MIRA will be adapting to a framework where taxpayers are assessed, differentiated and treated based on taxpayers’ segment and their attitude to compliance. Under the policy, MIRA has identified a compliance model which recognizes the differences in taxpayers’ attitude to compliance, and provides the corresponding strategy that best relates to each risk level.

MIRA has also published their Compliance Improvement Plan for 2021, along with their Compliance Risk Management Policy. Under this plan, MIRA has identified four key plans to improve tax compliance. Under this plan, the most importance is given to increasing compliance by assisting taxpayers by facilitating in fulfilling their obligations in relation to the newly introduced Income Tax and assisting taxpayers to mitigate the negative effects of COVID-19 on tax compliance.

Apart from these, the plan includes plans to carry out targeted registration programs for particular sectors and carrying out compliance interventions to treat risks of year 2018 and 2019. This includes, providing information and assistance to taxpayers, promoting joint efforts in solving problem in relation to tax, conducting tax audits and conducting investigations in relation to tax fraud.

 

11 Jan 21