Latest

Blog

BPT Treatment of Director's Remuneration

by Madeeh Ahmed, Senior Tax Advisor The MIRA recently issued a tax ruling (TR-2019/B69 issued on 21 March 2019) which has changed its position on how director's remuneration is treated under the BPT Act in the hands of the recipient, and what constitutes…

Disputing a Tax Assessment

by Ali Naeem, Counsel The main concern of any business these days is whether it has fully complied with the tax laws.  Consequences of non-compliance can cost a lot in terms of money and other productive resources of the business. This is why it's…

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 and close the deal. Although the purchase terms are not solely driven by tax considerations, it…

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 Maldives Inland Revenue Authority. The decisions that affect your business or tax liability are twofold -…

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 as carrying out a “business” as defined in the Business Profit Tax Act. The answer to this…