The governments of Maldives and Bangladesh have signed on the double tax avoidance (DTA) agreement on 23rd December 2021.
Moreover, the agreement is aimed towards curbing the taxes levied twice on the same income from transactions between the businesses in both Maldives and Bangladesh.
Furthermore, the agreement ensures the preservation of the rights of the taxpayers in both nations as well as restrict possible tax evasion attempts.
The DTA agreement was signed by the Commissioner General of Taxation of Maldives Mr. Fathuhulla Jameel and the Chairman of the National Board of Revenue of Bangladesh and Senior Secretary of the Internal Resources Division Mr. Abu Hena MD Rahmatul Muneem.
Meanwhile, Maldives Inland Revenue Authority (MIRA) attests on discussions held between the countries back twice in 2017 and 2019 to reach to the DTA agreement.
This marks the second time Maldives has signed a double tax avoidance agreement with a foreign country, while the island nation signed its first DTA agreement with UAE back in 2017.