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…

Constitution Amended Prohibiting Ownership of Land by Foreigners

On 23 April 2019, the fourth amendment to the Constitution of the Republic of Maldives was published in the Government Gazette, amending Article 251 of the Constitution. The amendment, changes Article 251(a) and 251(b) and repeals Chapter 15 of the…

Dues Must be Settled Prior to Amending State Agreements

The Ministry of Finance, on 21 April 2019, issued a circular pertaining to procedures to be followed by state offices prior to taking any action which may impact revenue. The circular indicates that an agreement entered into by a state office, under…

BPT Treatment of Director's Remuneration

by Madeeh Ahmed, Senior Tax Advisor The MIRA recently issued a tax ruling (TR-2019/B69 issued on 21 March 2019) which has changed its position on how director's remuneration is treated under the BPT Act in the hands of the recipient, and what constitutes…

MED Amends Import Regulations

On 28 March 2019, the third amendment to the Import, Export and Re-export of Goods Regulation was published in the Government Gazette. As per the amendment to the Regulation, enterprises that import, export and re export are now, no longer required…