MIRA Calls Upon Taxpayers That Do Not Meet Registration Requirements to Deregister
The MIRA has issued announcements requesting taxpayers who do not fulfil tax registration requirements under the Tax Administration Act, or GST registration requirements to deregister from tax.
The announcement, issued on 16 January 2019, reminds…
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…
Channel Licensing Fees Not Subject to WHT
On 24 October 2018, the Tax Appeal Tribunal decided, by way of majority decision, in favor of the Appellant, Medianet Pvt Ltd - the largest cable TV operator in Maldives - and set an important precedent with respect to the interpretation of Section 6(a)(1)…
Basic Tax and Legal Considerations When Buying a Business
by Ali Naeem, Counsel
Buying or selling a business is a complex transaction with many tax and legal variables to consider before you start negotiations and close the deal. Although the purchase terms are not solely driven by tax considerations, it…
Interest Paid to Lease Finance Companies Fully Deductible
On 8 November, the MIRA issued Tax Ruling B67 which deals with approved banks and financial institutions for BPT purposes.
The new ruling, which supersedes Tax Ruling B2 which was published back on 20 March 2012, now considers Housing Finance Companies,…
New Conditions on Releasing Frozen Bank Accounts of Taxpayers
On 6 November, the MIRA published the second amendment to its Enforcement Policy, amending bank account release conditions, and introduced a new schedule for instalment payments granted to small businesses to pay outstanding taxes and fines.
The amendment…
MIRA Audit Assessment Nullified on Violation of Procedure
On 23 October 2018, a three member bench of the Tax Appeal Tribunal unanimously decided in favor of a taxpayer citing MIRA’s failure to follow the procedure stipulated in law when collecting information for an assessment.
The Appellant, Abdulla…
Filing Tax Appeals and Objections: Important Considerations
by Ali Naeem, Counsel
The Tax Administration Act (TAA) lays out specific procedures to go about when you disagree with a decision made by the Maldives Inland Revenue Authority. The decisions that affect your business or tax liability are twofold -…