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 it's…