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.
CTL Strategies is conducting a full-day seminar on the evolving tax and legal landscape impacting the tourism sector in the Maldives. The seminar is designed to provide participants with crucial insights into the latest regulatory developments and practical guidance on how to remain compliant with the new developments.
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.
On 25 November 2024, MIRA published the Third Amendment to the Green Tax Regulation. This amendment follows the doubling of the Green Tax rate and the exemption from Green Tax granted to toddlers under the age of 2, as introduced by the 14th Amendment to the Tourism Act.
MIRA has published the 31st Amendment to the GST Regulation. This Amendment primarily introduces rules applicable to supplies made by cafes operated in a tourist establishment that cater exclusively to employees.