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…
The New Foreign Investment Act Ratified
The new Foreign Investment Act (Act Number 11/2024) (the “Act”) was ratified on 3 September 2024 introducing significant new rules to the foreign investment framework of the Maldives. The Act will come into effect on 3 December 2024 and will repeal the Maldives Foreign Investment Act of 1979.
First Amendment to the Companies Act
The First Amendment to the Companies Act (Act Number 18/2024) (the “First Amendment”) was ratified on 18 September 2024.
Notably, the First Amendment revised the time frames within which companies incorporated in Maldives must convene extraordinary general meetings (EGMs).
Income Tax Regulation amended requiring more taxpayers to pay their taxes in US Dollars
This amendment introduces significant changes concerning the payment currency for taxes imposed under the Income Tax Act, and the presentation currency of tax returns. These changes include:
13th Amendment to the Tourism Act ratified into law
The 13th Amendment (the “13th Amendment”) to the Maldives Tourism Act (Act Number 2/99) (the “Act”) has been ratified by the President of the Republic of Maldives on 29 August 2024 introducing changes to the lease extension payment periods set out in the Act.