President seeks Parliamentary consideration on joining the Convention on Mutual Administrative Assistance in Tax Matters

On 29 February 2021, the President’s Office issued a press release on President Ibrahim Mohamed Solih seeking parliamentary consideration on joining the Convention on Mutual Administrative Assistance in Tax Matters (MAAC). As per the press release the Cabinet also reflected on a paper on the subject matter put forward by the Ministry of Finance.

The primary objectives of MAAC is to jointly aid the parties to the Convention in tax matters through exchange of information, simultaneous tax examination, participation in tax examination abroad and by assistance in recovery of taxes and facilitation of documents. The countries signatory to the Convention must also agree to adopt the Multilateral Competent Authority Agreements (MCAA).

MAAC was developed by the OECD and the Council of Europe in 1988 and has become the leading international treaty for multilateral cooperation in tax matters. As of December 2020, 141 jurisdictions are participating.

Photo: President’s Office