CTL Strategies ranked in Chambers Global Guide 2024
CTL Strategies has been ranked in the Chambers Global Guide 2024, published by Chambers and Partners.
The new edition of the Global Guide highlighted CTL for its considerable market respect in tax matters, and demonstrating strength in litigation and corporate services. Among responses received from interviewees, Chamber and Partners quoted that the firm is “able to handle complex matters and provide unbiased legal advice.”
Chambers and Partners is an independent research firm that operates in 200 jurisdictions and is commonly referred to as the “gold standard” in the legal profession. Chambers and Partners publishes rankings and information on the world’s top lawyers and law firms. In-depth interviews with lawyers, in-house counsel for clients, and independent experts were used to compile the rankings.
MIRA Publishes Second Amendment to the Instalment Policy
On 25 March 2025, the Maldives Inland Revenue Aut00hority (“MIRA”) published the 2nd Amendment to the Instalment Policy 1 (the “Amendment”), introducing significant changes to the criteria and conditions for granting instalment plans to delinquent taxpayers. The amendment particularly focuses on refining the conditions for multiple or concurrent instalment agreements and establishes stricter conditions for instalment plans related to tax liabilities arising from investigations.
The key changes introduced via the Amendment are summarised below.
Limitation on simultaneous agreements
Under the new Amendment, taxpayers are now restricted to a single instalment agreement at a time for each tax type, a reduction from the previous allowance of two concurrent agreements. However, the Commissioner General retains the discretion to permit multiple instalment plans for taxpayers who have demonstrated a history of compliance by consistently making regular payments under instalment agreements. In exercising this discretion, the Commissioner General will take into account the time and specific circumstances.
Eligibility criteria
MIRA has repealed the condition that previously prevented taxpayers from requesting instalment plans for amounts previously subject to such arrangements.
Submission process
The amended policy now mandates MIRA 905 Form (Request for Installment Plan) to be submitted either through the MIRA website or MIRA Connect.
Commitment payment deadline
Prior to the Amendment, the policy granted a fixed 10-day period within which the required commitment payment must be made in order to qualify for an instalment plan. However, the Amendment has revised this provision. While still retaining the 10-day maximum timeframe, the amended policy now grants MIRA the discretion to specify even shorter deadlines for the commitment payment.
Requesting for instalment in relation to Investigation related assessed tax:
The Amendment has introduced a new provision in relation to making payments under an instalment plan for amounts assessed after an investigation. The new provision requires taxpayers to pay twice the standard commitment payment amount within half the usual specified period if the instalment is in relation to an amount assessed after an investigation.
Multiple instalment plans
The Amendment introduces a new provision on granting multiple instalments. If a taxpayer wishes to include a defaulted amount, for which an instalment plan had been previously granted but not fully paid, as part of a new instalment agreement for the same tax account, the taxpayer will be required to pay an additional 50% of that defaulted amount, on top of the regular commitment payment. Furthermore, this percentage requirement increases for each subsequent reinstatement of the same defaulted amount across multiple instalment plans.
These changes are expected to encourage more responsible payment practices while providing options for those facing financial difficulties.
Effective Date
The 2nd Amendment to the Instalment Policy came into effect on 25 March 2025.
Maldives and Hong Kong Signs Double Tax Avoidance Agreement
On 26 May 2025, Hong Kong and the Maldives took a step towards strengthening their tax cooperation by signing a Double Tax Avoidance Agreement (DTA).
The signing occurred during the Asia Initiative Meeting, hosted by the Maldives. Hong Kong was represented by Mr. Sze Wai Benjamin Chan, the Commissioner of Inland Revenue Department of Hong Kong, while the Maldives was represented by Mr. Hassan Zareer, the Commissioner General of Taxation at the Maldives Inland Revenue Authority.
The DTA clarifies the allocation of taxing rights between the two countries, helping investors to better assess their potential tax liabilities related to cross-border activities. From a tax administration perspective, the DTA includes key provisions such as mechanisms for cooperation between tax authorities to combat tax evasion and avoidance, the exchange of information, and assistance in tax collection.
The agreement is expected to enter into force once both nations complete their ratification processes.