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…
Circular on Filing of interim return and making interim payments
On 17 August 2020, the Maldives Inland Revenue Authority (MIRA) published a circular requiring certain taxpayers to file their interim return, and make interim payments via MIRAconnect or the Maldives Real Time Gross Settlement (MRTGS).
Regulation on Employing Expatriates in the Maldives
On 12 August 2020, the Regulation on Employing Expatriates in the Maldives was published which provides for procedures to be followed by Employers, representatives and persons providing accommodation to expatriate workers.
Supreme Court Judgement: BMC Transport and Projects v Coralgate Maldives
An appeal before the Supreme Court in which the Court considered whether a supervening event which resulted in the loss of cargo transported to the Maldives, constituted unforeseeable circumstances that resulted in the contract being frustrated.
Regulation on Management of Confiscated Assets related to Money Laundering and Financing of Terrorism
On 10 August 2020, the MMA published the Regulation on Management of Confiscated Assets related to Money Laundering and Financing of Terrorism which provides the procedures on dealing with confiscated funds and property under the Prevention of Money Laundering and Financing of Terrorism Act.
Supreme Court Judgement: Bunny Holdings (BVI) v MIRA
An appeal where the Supreme Court considered whether a procedural decision already appealed, can be re-appealed by including the procedural decision as an appeal point when appealing the decision on substantial issues of a case
First Amendment to the Legal Profession Act
On 5 August 2020, the First Amendment to the Legal Profession Act was published, which provides that law graduates that complete a one month long training program and meet other conditions stipulated in the Act will be eligible to be sworn in and admitted to the Bar.
Fourth Amendment to the Tourism Land Rent Regulation
On 3 August 2020, the 4th Amendment to the Tourism Land Rent Regulation was published, bringing about a significant reduction to the late payment fine charged with respect to tourism land rent.