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…
Company Annual Fee for 2020 Payment Deferred
The Ministry of Economic Development, on 17 June 2020, announced that the payment date for company annual fees for 2020 has been deferred and that late payment fines will not be imposed.
Government announces that TGST payments can be made in Rufiyaa
Ministry of Finance announced that Tourism GST payments for taxable periods beginning from 1 April 2020 to 30 September 2020 can be made in Rufiyaa.
New Tax Payment Deadlines Announced
The MIRA announced, on 15 June 2020, the commencement of services of the Taxpayer Service Centre from 5 July onwards, and new deadlines for filing tax returns and payment of taxes, and other fees and charges.
Selling a land or property? Know your tax implications
From 1 January 2020 onwards, with the commencement of the Income Tax Act (ITA), land sales tax has been repealed and sale of properties will continue to be taxed under the Capital Gains Tax regime under the ITA.
Transfer Pricing Regulation Published
The Regulation governs and implements the requirements on transfer pricing imposed under Section 68 of the Income Tax Act (Law Number 25/2019).
Overview of the Public Health Emergency Bill 2020
This publication gives an overview of the Public Health Emergency Bill 2020 submitted to the People's Majlis on 29 May 2020.
COVID-19: Income Support Allowance Scheme
This advisory provides an overview of the key parts of the guidance document on the Income Support Allowance Scheme published by the President's Office.
COVID-19 Economic Relief Package
On 7 April 2020, the Ministry of Finance issued a press release with the details of the COVID-19 Economic Relief Package offered by the Government. This advisory summarises the said press release.
Tax Implications of the Employee’s Income Tax Borne by the Employer
Some employers may decide to pay income tax on behalf of the employee. In some jurisdictions, such tax payments made by the employer are not considered as a taxable benefit. The case, however, is not the same in the Maldives. This article illustrates how this applies in practice, and how it affects the tax liability of the employee.
Tourism Establishments to Register with an Online Portal
Regulation on Collection of Information for the Compilation of Tourism Statistics, which provides for the collection of tourism-related information and rules on how that information would be utilized, has been published in the government gazette