Large Payments to be paid only via MIRAconnect, Vaarupay or MRTGS
From 1 October 2020 onwards, payments made to the MIRA exceeding MVR 100,000 and USD 5,000 must be paid via MIRAconnect, or using the Vaarupay card and MRTGS.
Entries by Husam Shareef
Regulation on Registration of Fruit and Vegetable Vendors
On 3 September 2020, the Regulation on Registration of Fruit and Vegetable Vendors was published.
Supreme Court Judgement: Bank of Maldives Plc v Fathmath Maleeha Jamal
An appeal where the Supreme Court considered whether the respondent’s employment contract was terminated in accordance with the Employment Act.
Competition Act
On 31 August 2020, the Competition Act was published in the gazette which sets out the provisions to develop and maintain a competitive commercial environment for enterprises, and sets out restrictions, and prohibits business practices and arrangements which may have a negative impact on competition.
Maldives Chartered Accountants Act
On 8 September 2020 the Maldives Chartered Accountants Act was published, introducing a new independent institution – The Institute of Chartered Accountants of the Maldives. The Act empowers the governing council of the institute to regulate, and develop the field of chartered accountancy in the Maldives.
Consumer Protection Act
On 31 August 2020, the Consumer Protection Act was published, which sets out the rights and protections granted to consumers, and prescribes duties and responsibilities of suppliers of goods and services in the Maldives.
Fourth Amendment to the Land Transport Act
On 31 August 2020, the Fourth Amendment to the Land Transport Act was published, introducing the formation of a road safety council and other key changes.
Circular on Filing of interim return and making interim payments
On 17 August 2020, the Maldives Inland Revenue Authority (MIRA) published a circular requiring certain taxpayers to file their interim return, and make interim payments via MIRAconnect or the Maldives Real Time Gross Settlement (MRTGS).
Regulation on Employing Expatriates in the Maldives
On 12 August 2020, the Regulation on Employing Expatriates in the Maldives was published which provides for procedures to be followed by Employers, representatives and persons providing accommodation to expatriate workers.
Supreme Court Judgement: BMC Transport and Projects v Coralgate Maldives
An appeal before the Supreme Court in which the Court considered whether a supervening event which resulted in the loss of cargo transported to the Maldives, constituted unforeseeable circumstances that resulted in the contract being frustrated.