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…
MED publishes Regulation on Dissolution Procedures of Non-Compliant Companies
On 18 June 2019, the “Regulation on Dissolution Procedures for Companies to be Dissolved by Decision of the Registrar of Companies” was published in the Government Gazette.
The Regulation, which was formulated pursuant to the Fourth Amendment to…
Tribunal Makes a Landmark Decision on WHT on Interconnection Charges and Computer Software Payments
On 26 April 2019, the Tax Appeal Tribunal has set a landmark precedent on the application of Section 6 on Interconnection Charges and similar types of payments, and payments made for the use of certain types of Computer Software utilized in the Telecommunications…
Management Services Subject to WHT Only if Rendered After Commencement of the BPT Act: High Court
The High Court of Maldives, on 26 April 2019, struck down the Tax Appeal Tribunals decision regarding the interpretation of Section 6 of the Business Profit Tax Act, stating that Withholding Tax may be applied only on payments for services that are rendered…
Tribunal Declares MIRAs Decision Invalid, Orders Re-audit
On 15 May 2019, the Tax Appeal Tribunal decided, by way of majority decision, in favor of the Appellant, Maldives Passions Private Limited and ordered the MIRA to re-audit the taxable periods under dispute in the appeal case.
The Tribunal, with a majority…