Income Tax to be Introduced from 2020
President Ibrahim Mohamed Solih has announced that income tax will be levied from next year onwards. During the presidential address given to Parliament on 7…
Entries by Husam Shareef
Disputing a Tax Assessment
by Ali Naeem, Counsel The main concern of any business these days is whether it has fully complied with the tax laws. Consequences of non-compliance…
Unsolicited Proposals Policy Introduced
On 28 January 2019, the President’s Office of the Republic of Maldives published the Unsolicited Proposals Policy, which sets outs the procedures under which private…
Tax Alert, 27 January 2019
This issue covers the most recent developments brought to the rules on Thin Capitalisation. Thin Capitalisation rules were initially introduced by the Maldives Inland Revenue…
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…
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…
MIRA Amends Thin Cap Rules
On 27 December 2018, the MIRA issued Ruling B68 which amends Thin Capitalisation rules issued by the MIRA via Ruling B64. Ruling B64, introduced back…
Ruling G47 Explains Types of Feminine Sanitary Products
On 10 December 2018, Tax Ruling G47 was published in the government gazette which amends Section 40 of the Goods and Services Tax Regulation. Following…
Feminine Sanitary Products Zero Rated
On 3 December 2018, the fifth amendment to the Goods and Services Tax Act was published in the Gazette, which introduced feminine sanitary products to…