On 6 July 2020, the Maldives High Court gave its judgment in the appeal filed by Hilton International Manage (Maldives) Pvt Ltd against Sun Travel and Tours Pvt Ltd. The Court struck down the Civil Court’s decision to award damages to Sun Travel & Tours.
This article explains the interest limitation rules under the Maldives Income Tax Act, with specific focus on thin capitalisation rules, 6% rate cap, and transfer pricing.
In the case of Moosa Naseer v Maldives Inland Revenue Authority (MIRA), the Supreme Court, on 22 June 2020, passed judgment in favour of Moosa Naseer in a case that, inter alia challenged the MIRA’s power to initiate legal proceedings for the recovery of unpaid land rent and fines pursuant to an agreement between the Ministry of Fisheries, Agriculture and Marine Resources (‘MoFAMR’) and Moosa Naseer.
On 6 July 2020, the Maldives High Court gave its judgment in the appeal filed by Hilton International Manage (Maldives) Pvt Ltd against Sun Travel and Tours Pvt Ltd. The Court struck down the Civil Court’s decision to award damages to Sun Travel & Tours.
An Amendment to the Public Finance Regulation is published by the Ministry of Finance, which states that non-tax amounts specified in the Regulation will be collected by the MIRA.
A Circular issued by the Ministry of Finance states that from 1 October 2020 onwards, all payments made to government offices exceeding MVR 100,000 and USD 5,000 must be paid as e-payments.
This issue is focused on the Twenty Sixth Amendment to the GST Regulation published by the MIRA on 26 June 2020. The Amendment introduces several notable changes to the GST Regulation, including a definition for the term ‘charter’ of a vessel and special rules for determining charter arrangements.
This is a brief of the Guideline for Restarting Tourism in Maldives, published by the Ministry of Tourism, in consultation with health professionals and industry stakeholders. It outlines the measures that need to be followed to ensure the safety of tourists and residents.
The Ministry of Finance, on 28 June 2020, issued a Circular with details in implementing the deferment of land lease announced by the President during his public address on 20 May 2020. As per the Circular, resort land rent payments for the third and fourth quarter of 2020 has been deferred until 1 June 2021. Land rent payments other than resort land rent, that fall within the period 1 June 2020 to 31 December 2020 has also been deferred until 1 June 2021.
Maldives Inland Revenue Authority (‘MIRA’) on 26 June 2020, published the Twenty-Sixth Amendment to the Goods and Services Tax Regulation. The Amendment introduces several notable changes to the GST Regulation, including a definition for the term ‘charter’ of a vessel and special rules for determining charter arrangements.