Maldives
1. Maldives was reviewed as part of the 2017/2018 and the 2018/2019 peer reviews. This report is supplementary to those previous reports (OECD, 2019[1]) (OECD, 2018[2]).
2. There is no filing obligation for a CbC report in Maldives yet.
Summary of key findings
3. It is recommended that Maldives take steps to finalise its domestic legal and administrative framework in relation to CbC requirements as soon as possible. This recommendation remains unchanged since the 2017/2018 peer review.
4. It is recommended that Maldives take steps to have QCAAs in effect with jurisdictions of the Inclusive Framework which meet the confidentiality, consistency and appropriate use prerequisites and with which it has international agreements for the automatic exchange of information. This recommendation remains unchanged since the 2017/2018 peer review.
5. It is recommended that Maldives have in place the necessary processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference (OECD, 2017[3]) relating to the exchange of information framework. This recommendation remains unchanged since the 2018/2019 peer review.
6. It is recommended that Maldives take steps to ensure that the appropriate use condition is met ahead of the first exchanges of CbC reports. This recommendation remains unchanged since the 2017/2018 peer review.
Part A: The domestic legal and administrative framework
7. Maldives does not yet have legislation in place for implementing the BEPS Action 13 minimum standard. Maldives indicates that Tax Administration Act is being amended to provide the legal basis for the CbC Reporting implementation.
Part B: The exchange of information framework
(a) Exchange of information framework
9. As of 31 March 2020, Maldives has no bilateral relationships in place for the exchange of CbC reports. It is recommended that Maldives take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Maldives has an international exchange of information agreement in effect that allows for the automatic exchange of tax information.
(f) Consultation with other Competent Authority before determining systemic failure or significant non-compliance
14. No changes were identified.
Conclusion
17. It is recommended that Maldives take steps to have QCAAs in effect with jurisdictions of the Inclusive Framework which meet the confidentiality, consistency and appropriate use prerequisites and with which it has international agreements for the automatic exchange of information. This recommendation remains unchanged since the 2017/2018 peer review.
18. It is recommended that Maldives take steps to implement processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework ahead of its first exchanges of information. This recommendation remains unchanged since the 2018/2019 peer review.
References
OECD (2019), Country-by-Country Reporting – Compilation of Peer Review Reports (Phase 2): Inclusive Framework on BEPS: Action 13, OECD/G20 Base Erosion and Profit Shifting Project, OECD Publishing, Paris, https://dx.doi.org/10.1787/f9bf1157-en. [1]
OECD (2018), Country-by-Country Reporting – Compilation of Peer Review Reports (Phase 1): Inclusive Framework on BEPS: Action 13, OECD/G20 Base Erosion and Profit Shifting Project, OECD Publishing, Paris, https://dx.doi.org/10.1787/9789264300057-en. [2]
OECD (2017), Terms of reference for the conduct of peer review of the Action 13 minimum standard on country-by-country reporting, OECD Publishing, https://www.oecd.org/tax/beps/beps-action-13-on-country-by-country-reporting-peer-review-documents.pdf. [3]