New Conditions on Releasing Frozen Bank Accounts of Taxpayers
On 6 November, the MIRA published the second amendment to its Enforcement Policy, amending bank account release conditions, and introduced a new schedule for instalment…
Entries by Husam Shareef
MIRA Audit Assessment Nullified on Violation of Procedure
On 23 October 2018, a three member bench of the Tax Appeal Tribunal unanimously decided in favor of a taxpayer citing MIRA’s failure to follow…
Filing Tax Appeals and Objections: Important Considerations
by Ali Naeem, Counsel The Tax Administration Act (TAA) lays out specific procedures to go about when you disagree with a decision made by the…
Implications of Tax Ruling B65 on Lawyers
by Ali Naeem, Partner It is an often debated issue whether freelance lawyers, advisors or consultants who work for law firms should be considered…
Foreign Investment Procedure & Considerations
Foreign enterprises looking to invest in the Maldives are required to register their enterprise in the Maldives prior to commencing operations. Registering a foreign enterprise…
Seminar on Tax Audits and Appeals
CTL Strategies is conducting a full day seminar on Tax Audits and Appeals. The six-hour seminar is designed to give participants an in-depth understanding of the audit…
Tax Alert, 20 June 2018
This issue covers the following: 1. Thin capitalisation rules introduced through Tax Ruling B64. 2. Attributes of employment under a contract of service explained in…
New Guidelines on Acquisition Costs Payable under Boundary Regulation
The Tourism Ministry, on 7 May 2018, published a guideline specifying the acquisition cost payable under Section 3(b)2(iii) of Regulation Number 2012-R7 (Boundary Regulation). As…
Top Court Rules in Favor of Villa in Lease Termination Case
On 18 April 2018, the Supreme Court of Maldives decided in favor of Villa Shipping and Trading Company Private Limited and several companies related to…
Major Changes to Framework of MIRA Registered Auditors
The Maldives Inland Revenue Authority (“MIRA”), on 5 April 2018 published Tax Ruling B-63 (Submission of Financial Statements and Appointment of Auditors) which supersedes Ruling…