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…

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…

President Ratifies Act on Control of Agricultural Pesticides

On 9 December 2019, the President ratified the Control of Pesticides Used for Agricultural Purposes Act. The Act introduces a broad framework for the import, export, trade of agricultural pesticides, and also introduces search and seizure, and specific…

Fifth Amendment to the Maldives Constitution Ratified

On 8 December 2019, the Fifth Amendment to the Constitution of the Maldives was published in the Government Gazette. The Amendment introduces some important changes to the local council electoral process. The Amendment amends subsections (a), (b) and…

Insight: ADK Enterprises v MIRA

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Summary On what basis should capital allowance be claimed for assets held at the commencement of the BPT Act? In the case of ADK Enterprises v MIRA1, the Tax Appeal Tribunal (“TAT”), by unanimous decision, has held that companies must claim capital…

First Amendment to the Business Registration Act Ratified

On 4 December 2019, the First Amendment to the Business Registration Act was published in the Government Gazette. The Amendment introduces some important changes for foreign parties interested in carrying on business in the Maldives, and for online businesses. According…