On 16 March 2025, the MIRA issued an Income Tax Guide on Director’s Current Account Debit Balances, providing clarification on the tax treatment of financial transactions between companies and their directors.
The overview on the Maldives-UAE Double Tax Agreement will examine the key provisions of the DTA and the implications it has for businesses seeking to benefit from the treaty.
The 15th Amendment to the Maldives Tourism Act was ratified on 19 March 2025 introduces key changes to resort lease extension fees, compliance codes, advertising standards, and property closure procedures for redevelopment.
The Maldives Inland Revenue Authority has published the draft of the Sixth Amendment to the Income Tax Regulation for public consultation. This Amendment introduces several key changes that could significantly affect businesses operating in the Maldives.
In the case of Bunny Holdings (BVI) Limited v MIRA, the Supreme Court ruled that long-term villa leases in a tourist resort under strata basis involve the transfer of rights from a contract or law, placing them outside the scope of the GST Act.
The Maldives Monetary Authority has gazetted the General Regulation on Foreign Currency. The Regulation further details on key aspects of the Foreign Currency Act, including mandatory currency conversion obligation routes, procedures for filing concession requests from conversion obligations, and the framework for implementing penalties under the Foreign Currency Act.
The Regulation on Registrations Under the Foreign Currency Act was gazetted on 9 January 2025. The Regulation establishes the procedural requirements and administrative process for the registrations required under the Foreign Currency Act.
The Foreign Currency Act, effective from 1 January 2025, builds on the framework of the initial Foreign Currency Regulation, maintaining the key rules and controls over foreign currency income and transactions while also introducing specific modifications.
This blog article examines the adoption of IFRS 16 and the resulting mismatches between the tax and accounting treatments for lessees, along with its associated tax implications.
The MMA has published a Foreign Currency Bill for public consultation on 26 November 2024. The Bill largely mirrors the current Regulation, maintaining foreign currency deposit and conversion requirements with some modifications.