MIRA Calls Upon Taxpayers That Do Not Meet Registration Requirements to Deregister
The MIRA has issued announcements requesting taxpayers who do not fulfil tax registration requirements under the Tax Administration Act, or GST registration requirements to deregister from tax.
The announcement, issued on 16 January 2019, reminds…
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…
Sixth Amendment to the Income Tax Regulation
The Sixth Amendment to the Income Tax Regulation introduces a number of important changes to the income tax framework, affecting the tax treatment of leases, capital allowances, functional currency, accounting and filing requirements, employer-provided staff accommodation and certain registration and compliance obligations.
A Practical Guide to GST on Inbound Tourism Products
The Eighth Amendment to the GST Act introduces a new GST framework for offshore suppliers of inbound tourism products, including foreign tour operators, online travel agencies and booking platforms.
Overview of the Maldives-Bangladesh DTA
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.
Bunny Holdings (BVI) Ltd v MIRA [2024] SC 55
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.
Overview of 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.
IFRS 16 Adoption: Key Tax Considerations for Lessees in the Maldivian Context
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.
Seminar on Navigating Tax and Legal Developments in the Maldives Tourism Sector
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.
Private Companies Regulation
The Private Companies Regulation formulated by the Ministry of Economic Development and Trade under the Companies Act was published and came into effect on 10th October 2024. The Regulation details compliance requirements included in the Act applicable to private companies in Maldives.
Regulation on Foreign Currency
The MMA’s new Regulation on Foreign Currency came into effect on 1 October 2024 introducing significant new rules and controls over incomes received in foreign currency and foreign currency transactions
CTL Strategies ranked in the Chambers Global Guide 2024
CTL Strategies has been ranked in the Chambers Global Guide 2024, published by Chambers and Partners. This marks the firm’s fourth consecutive year of recognition in Chambers Global Guide within the General Business Law category.