In a continued effort to enhance fiscal cooperation and support international investment, the Maldives has officially signed a Double Taxation Avoidance (DTA) Agreement with the Hong Kong Special Administrative Region of China. The signing ceremony took place on the sidelines of the Asia Initiative meeting, a platform that promotes tax transparency and cooperation among Asian jurisdictions.
Representing the Maldives, Commissioner General of Taxation Hassan Zareer signed the agreement alongside Sze Wai Benjamin Chan, Commissioner of the Inland Revenue Department of Hong Kong. This accord is designed to eliminate the risk of individuals and businesses being taxed twice on the same income in both countries, thereby safeguarding the rights of taxpayers and reducing opportunities for tax evasion and avoidance.
The Maldives Inland Revenue Authority (MIRA) has described this agreement as a progressive step in advancing bilateral tax relations. By promoting clear and consistent tax rules, the agreement helps foster a more attractive environment for cross-border trade and investment between the Maldives and Hong Kong, two regions with growing economic interactions.
This latest DTA adds to the Maldives’ expanding network of international tax treaties. The country previously signed similar agreements with India in 2016, the United Arab Emirates in 2017, Bangladesh in 2021, and Malaysia earlier this year in 2024. These agreements are part of MIRA’s broader initiative to strengthen the country’s tax architecture and increase international investor confidence.
By reinforcing transparency and cooperation, such agreements not only align the Maldives with global standards but also position the nation as a credible and responsible economic partner. This progress complements ongoing efforts to diversify the Maldivian economy and promote sustainable development, while also supporting the country’s ambition to become a more competitive destination for foreign direct investment.
For international businesses and investors eyeing the Maldives, particularly in sectors such as tourism, real estate, and finance, this agreement signals a more secure and predictable tax environment, reinforcing the country’s commitment to fostering mutually beneficial economic partnerships.
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