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…
Online Payment Rules Amended for Certain Taxpayers
On 18 February, the MIRA published Tax Ruling 2019/A-18, which makes it mandatory for certain taxpayers to make payment of Goods and Services Tax, Withholding Tax, and Business Profit Tax, via the MIRAconnect online portal or MRTGS.
The ruling makes…
Income Tax to be Introduced from 2020
President Ibrahim Mohamed Solih has announced that income tax will be levied from next year onwards.
During the presidential address given to Parliament on 7 February 2019, the President announced that income tax will be levied on high income earners.…
Disputing a Tax Assessment
by Ali Naeem, Counsel
The main concern of any business these days is whether it has fully complied with the tax laws. Consequences of non-compliance can cost a lot in terms of money and other productive resources of the business. This is why…