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…

Guidance on GST Rate Change

This Advisory guides you through any transitional issues that you may be facing with respect to the application of the correct GST rate - especially for transactions that straddle the effective date of rate change.

Tax Alert, 24 November 2022

This issue is focused on the Sixth Amendment to the GST Act (Law Number 20/2022). The major change introduced via the Amendment is the change in GST rates that is to come into effect from 1 January 2023. 

Common compliance issues with Employee Withholding Tax

In this blog post, our partner and senior tax advisor Hamdhulla Hussain, focuses on analysing the practical issues faced by taxpayers in valuing benefits in kind and puts emphasis on the importance of providing clarity around the boundary between what constitutes taxable remuneration.

Overview of the Proposed Tax on Plastic Bags

With the purpose of reducing the negative environmental impacts caused by plastic waste, the Waste Management Bill proposes a tax equivalent to MVR 2 to be collected from plastic bags at points of sale. Our overview provides a summary of the proposed mechanism on the collection and administration of this tax.

Basics of Claiming Input Tax on Capital Expenditure

In this series of Articles, our senior associate Hassan Shah, takes on a critical view on the complexity of the GST rules surrounding input tax in relation to capital expenditure and untangles it for you to walk you through its basics & computation.