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…

Top Court Rules in Favor of Villa in Lease Termination Case

On 18 April 2018, the Supreme Court of Maldives decided in favor of Villa Shipping and Trading Company Private Limited and several companies related to Villa, following a prolonged dispute originating in 2015 regarding the lease of tourism islands. The…

Major Changes to Framework of MIRA Registered Auditors

The Maldives Inland Revenue Authority (“MIRA”), on 5 April 2018 published Tax Ruling B-63 (Submission of Financial Statements and Appointment of Auditors) which supersedes Ruling B-57 and changes some requirements for auditor registration and renewal…