Customs, Treasury, Revenue & Taxation
What We Do
The Customs, Treasury, Revenue, and Taxation division at the Ministry of Finance, Banking, and Postal Services is the pivotal hub for managing the Ministry’s financial interactions with government entities and regulatory bodies. This division is responsible for ensuring compliance with customs regulations, overseeing the efficient import and export of goods, and managing any associated tariffs and duties.
The Treasury Department handles cash management, liquidity, and investments, optimizing the Ministry’s financial resources to support its strategic objectives. The Revenue Department meticulously tracks income streams and implements robust systems for billing and collections, ensuring that cash flow remains steady. Furthermore, the Taxation Department navigates complex tax regulations, optimizing tax liabilities while ensuring compliance with RMI taxation laws. Together, these functions not only safeguard the Ministry’s financial integrity but also enhance its operational efficiency and strategic growth.
Exchange of Information
Important Updates
The Common Reporting Standard (CRS) is an internationally agreed standard for the automatic exchange of financial account information between jurisdictions for tax purposes, to better combat tax evasion and ensure tax compliance.
Questions
System-related inquiries for MDES can be sent to: revenue@rmimof.com
We cannot provide individual advice on CRS reporting obligations. Please refer to the resources listed and consider seeking third-party advice if required.
Reporting Alert
Beginning with the 2024 reporting period, nil returns will be mandatory for Reporting Financial Institutions without CRS information to report (see Section 5(3) of the AEOI Regulations 2016, as amended).
Circumvention Alert
Holding a US Global Intermediary Identification Number (GIIN), by itself, is not sufficient evidence that an Entity Account Holder is a Financial Institution.