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…
Insight: Traders Hotel v MIRA
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Summary
Sale of assets or a business combination? Is acquisition of leasehold rights eligible for capital allowance?
In the case of Traders Hotel v MIRA1, the Tax Appeal Tribunal (“TAT”), by unanimous decision, upheld the decision of the MIRA…
Amendments Proposed to the Income Tax Bill
On 27 November 2019, the Parliament’s Committee of the Whole House has proposed major changes to the Income Tax Bill, which was forwarded to the committee’s review on the 19 November 2019’s parliament session.
One of the significant changes…
Supreme Court Verdict Reflects on Consequences of Countermanding Cheques
The Maldives’ Supreme Court, on 28 October 2019, upheld the ruling of both the High Court, and Civil Court, effectively concluding that countermanding a cheque does not indicate an unfulfilled underlying obligation to the payee, especially in the absence…