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…
Income Tax Bill Passed by Majlis
The Income Tax Bill has been passed during the 74th session of the 19th People's Majlis on 4 December 2019 by a Majority vote of 67 members and 3 members against.
The Bill was passed by the Members after incorporating a total of 25 amendments. These…
MIRA Amends Enforcement Policy, Introduces New Instalment Schedules
On 1 December 2019, the MIRA introduced the Third Amendment to the Enforcement Policy bringing some important changes that benefit enterprises carrying on business with the State, and also introduces new commitment payment rates and payment schedules…
Judicial Impeachment: Some Reflections and the Maldivian Context
by Nazahath Ahmed, Associate
The Independence of the Judiciary is integral to the separation of powers and rule of law. The concept is set out in the International Bar Association’s Minimum Standards of Judicial Independence (1982) and in the Basic…
Insight: Traders Hotel v MIRA
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Summary
Sale of assets or a business combination? Is acquisition of leasehold rights eligible for capital allowance?
In the case of Traders Hotel v MIRA1, the Tax Appeal Tribunal (“TAT”), by unanimous decision, upheld the decision of the MIRA…
Amendments Proposed to the Income Tax Bill
On 27 November 2019, the Parliament’s Committee of the Whole House has proposed major changes to the Income Tax Bill, which was forwarded to the committee’s review on the 19 November 2019’s parliament session.
One of the significant changes…
Supreme Court Verdict Reflects on Consequences of Countermanding Cheques
The Maldives’ Supreme Court, on 28 October 2019, upheld the ruling of both the High Court, and Civil Court, effectively concluding that countermanding a cheque does not indicate an unfulfilled underlying obligation to the payee, especially in the absence…
Overview of Income Tax Bill
This publication gives an overview of the Income Tax Bill submitted to the Parliament by the Government of Maldives on 15 October 2019. The Parliament has commenced debate on the Bill, and is expected to bring changes to the Bill, before voting…
Income Tax Bill submitted to the Parliament
The Government of Maldives has sent the draft of the Income Tax Bill (“ITB”), intended to introduce Personal Income Tax and redesign the existing Business Profit Tax regime, to the Parliament today, 15 October 2019.
Under the proposed Bill, the…
Tax Alert, 15 October 2019
This issue covers the major changes that came into force with the ratification of the Second Amendment to the Tax Administration Act1 on 12 September 2019.
Some of the key changes brought by the Amendment include:
Imposition of a statutory limitation…
Dangerous Chemicals Regulation Published
On 23 September 2019, the “Dangerous Chemicals Regulation” was published in the Government Gazette. The Regulation sets out procedures on the import, storage, sale and disposal of dangerous chemicals.
The Regulation was published under special…