Cash Declaration Limit Changed

The Maldives Monetary Authority, on 17 January 2019, published the first amendment to the Regulation on Cross Border Currency Declaration Amount. The changes introduced now require passengers travelling with USD 20,000 or more, and are travelling…

Income Tax Bill submitted to the Parliament

The Government of Maldives has sent the draft of the Income Tax Bill (“ITB”), intended to introduce Personal Income Tax and redesign the existing Business Profit Tax regime, to the Parliament today, 15 October 2019. Under the proposed Bill, the…

Tax Alert, 15 October 2019

This issue covers the major changes that came into force with the ratification of the Second Amendment to the Tax Administration Act1 on 12 September 2019. Some of the key changes brought by the Amendment include: Imposition of a statutory limitation…

Dangerous Chemicals Regulation Published

On 23 September 2019, the “Dangerous Chemicals Regulation” was published in the Government Gazette. The Regulation sets out procedures on the import, storage, sale and disposal of dangerous chemicals.  The Regulation was published under special…

Second Amendment to the Tax Administration Act Ratified

The Second Amendment to the Tax Administration Act, passed in the 45th sitting of the 19th People’s Majlis has been ratified today by the President and published in the Government Gazette. The legislative changes entered into force through this Amendment…

Proposed Amendments Eases Foreign Investment Restrictions

The Peoples Majlis, on 22 August 2019, continued their discussion on the bill for the first amendment to the Business Registration Act. Under the proposed amendment, Section 6 of the Business Registration Act is to be repealed, effectively removing…

Insight: Medianet Pvt Ltd v MIRA

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Summary The phrase “other property” in Section 6(a)(1) of the BPT Act should be construed to include only tangible property In the case of Medianet v MIRA1, the Tax Appeal Tribunal ("TAT"), by a majority decision of four to one, held that channel…

Maldives Signs Singapore Convention on Mediation

The Republic of Maldives, on 7 August 2019, was one of forty-six countries that signed the United Nations Convention on International Settlement Agreements Resulting from Mediation, in a ceremony held in Singapore. The Convention, which is widely regarded…