Cash Declaration Limit Changed

The Maldives Monetary Authority, on 17 January 2019, published the first amendment to the Regulation on Cross Border Currency Declaration Amount. The changes introduced now require passengers travelling with USD 20,000 or more, and are travelling…

Tax Alert, 28 August 2016

This issue covers the following changes to tax laws: 1. Changes to imposition of Withholding Tax: Tax is imposed on accrued payments as well. 2. Tax Ruling on GST treatment of imported goods: GST is to be charged on imported goods upon sale or transfer. 3.…

Remittance tax on expatriates to be introduced

The President, on Thursday has ratified a bill that imposes a remittance tax of 3% on the money transferred abroad by expatriate workers, effective from 1 October 2016. This Act, passed as the fifth amendment to the Maldives Employment Act, mandates…

MIRA to collect Green Tax from Guesthouses starting 1st October 2016

Guesthouses will be charged Green Tax on tourists for each day of their stay starting from 1 October 2016, under the eighth amendment to the Maldives Tourism Act published in the Government Gazette on 10 July 2016. Green Tax for all other tourist establishments…

Tax Ruling issued on the GST treatment of imported goods

A Tax Ruling has been issued by the Maldives Inland Revenue Authority (MIRA) on 8 August 2016 clarifying the GST treatment of imported goods. The Ruling explains the GST treatment when goods are imported to Maldives under an import license (regardless…

MIRA to introduce Advance Pricing Agreements

The Maldives Inland Revenue Authority (MIRA) has announced that Advance Pricing Agreements (APAs) between taxpayers and MIRA will be introduced this year. This announcement was made by the Commissioner General of Taxation in his speech at the function…