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…
Maldives Passions Pvt Ltd v MIRA [2023] SC 39
On 12 October 2023, the Supreme Court delivered its judgment in Maldives Passions Pvt Ltd v MIRA - a significant case concerning the parameters of the powers of the Tax Appeal Tribunal's (“TAT”) to decide cases and order for re-audits.
MIRA issues Tax Ruling on Deductibility of Donations
On 14 January 2024, MIRA issued a Tax Ruling regarding allowable deductions related to donations. With the issuance of this Tax Ruling, effective from 1 March 2024, MIRA clarifies that only monetary donations made to State institutions or charitable organisations approved by the Commissioner General are eligible for deduction as donation expense.
Changes to Charter License Criteria and the GST Rules for Agents of Foreign Tourist Vessels
On 2 January 2023, the Ministry of Tourism published a new Regulation on Governing Foreign Tourist Vessels Cruising and Harbouring in Maldivian Waters. The new Regulation introduces passenger liner permits for vessels carrying 50 or more passengers with a duration not exceeding 7 days in the Maldives. Agents of such vessels are no longer required to register the vessel as a taxable activity for GST purposes.
Compliance Requirements Under the New Companies Act
The Maldives Inland Revenue Authority (MIRA) has issued a crucial Tax Ruling as of 21 December 2023, outlining revised guidelines for claiming input tax within a 12-month period. This change emphasizes the necessity for businesses to adhere strictly to the input tax claiming deadlines to avoid forfeiture of tax credits, highlighting the importance of accurate and timely tax practices in compliance with the GST Act.
Minimum Investment Thresholds for SEZs Revised
The Presidential Decree on Determining the Permitted Economic Activities and the Minimum Investment Threshold for Special Economic Zones was gazetted on 17 December 2023 revising the minimum investment threshold for special economic zones in Maldives.