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…
Entries by Husam Shareef
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…
Channel Licensing Fees Not Subject to WHT
On 24 October 2018, the Tax Appeal Tribunal decided, by way of majority decision, in favor of the Appellant, Medianet Pvt Ltd – the largest…
Basic Tax and Legal Considerations When Buying a Business
by Ali Naeem, Counsel Buying or selling a business is a complex transaction with many tax and legal variables to consider before you start negotiations…
Interest Paid to Lease Finance Companies Fully Deductible
On 8 November, the MIRA issued Tax Ruling B67 which deals with approved banks and financial institutions for BPT purposes. The new ruling, which supersedes…