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…

Government Introduces Stimulus Package to Aid Businesses

President Ibrahim Solih addressed the nation and the concerns of the citizens regarding the COVID-19 pandemic and its effects upon the nation. The President’s speech addressed many concerns which have been shared by citizens and enterprises operating…

COVID-19 - A Reason to Discharge Contractual Obligations?

by Mariyam Naufa   With the onset of the global public health emergency of coronavirus (COVID-19), supply chains continue to be disrupted and consumer spending has plummeted to unprecedented levels. As a result, businesses are looking…

New Income Tax Regulation published

Income Tax Regulation (Number 2020/R-21) has been published in the Government Gazette on 10 March 2020. With this, the previous Income Tax Regulation (Regulation Number 2019/R-1090) published by the MIRA on 31 December 2019 has now been repealed. Some…

Salary Board Recommends Minimum Wage to Minister

The Salary and Remuneration Advisory Board, on 20 February 2020, published a report on recommendations to the Minister of Economic Development on setting the National Minimum Wage. Based on studies conducted which focused on two approaches – the…

Seminar on Income Tax in Practice

CTL Strategies is conducting a full day seminar on Income Tax in Practice. The seven and a half hour seminar is designed to give participants an overview of the new Income Tax regime and will cover new concepts introduced under the Act as well as important…

Overview of the Income Tax Act

  This publication gives an overview of the Income Tax Act (“ITA”) which has commenced on 1 January 2020.  If you have any questions or wish to discuss the implications of the Act on you, please contact one of our tax advisors or drop…

Year in Review 2019

  Our "Year in Review 2019" summarises the crucial regulatory developments in 2019. For ease of reference, these are categorised and labelled as "tax" and "legal" developments. Most of these developments are already explained in further detail…

President ratifies Income Tax Bill into law

On 17 December 2019, President Ibrahim Mohamed Solih has ratified the Income Tax Bill into law. The Income Tax Act, marks the introduction of tax on personal income and introduces several important changes to the tax regime of the Maldives. The Act,…

CTL Strategies to Host a Series of Webinars on Income Tax

CTL Strategies is conducting a series of Webinars on the Income Tax Bill passed by the People’s Majlis on 4 December 2019. The Income Tax Bill have some far reaching implications on businesses in both a corporate profit tax, and personal income tax…