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…
Second Amendment to the Tax Administration Act Ratified
The Second Amendment to the Tax Administration Act, passed in the 45th sitting of the 19th People’s Majlis has been ratified today by the President and published in the Government Gazette.
The legislative changes entered into force through this Amendment…
Proposed Amendments Eases Foreign Investment Restrictions
The Peoples Majlis, on 22 August 2019, continued their discussion on the bill for the first amendment to the Business Registration Act.
Under the proposed amendment, Section 6 of the Business Registration Act is to be repealed, effectively removing…
Upper Limit on Compensation for Businesses to be Proposed in Guidelines
On 26 August 2019, a decree was submitted to the Peoples Majilis urging the Government to formulate a policy on managing financial obligations towards parties that the Government has entered into agreements with.
The decree, proposed by Thulhaadhoo…
The Second Amendment to the Tax Administration Bill Introduced to Parliament
The People’s Majilis, on 20 August 2019, conducted the first reading of the proposed Bill for the Second Amendment to the Tax Administration Act. The Amendment is set to introduce several new changes to the tax administration, and enforcement mechanisms,…
Insight: Medianet Pvt Ltd v MIRA
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Summary
The phrase “other property” in Section 6(a)(1) of the BPT Act should be construed to include only tangible property
In the case of Medianet v MIRA1, the Tax Appeal Tribunal ("TAT"), by a majority decision of four to one, held that channel…
Fines for Late Payment of Invoiced Amounts Cannot Be Arbitrary - High Court
The High Court Of Maldives, on 23 July 2019, partially overturned the Civil Court’s decision in the case Ahmed Amir v Dhivehi Rayyithunge Party. In its decision, the High Court held that the Appellant, DRP, while still required to pay the principal…
Maldives Signs Singapore Convention on Mediation
The Republic of Maldives, on 7 August 2019, was one of forty-six countries that signed the United Nations Convention on International Settlement Agreements Resulting from Mediation, in a ceremony held in Singapore.
The Convention, which is widely regarded…
Government Proposes Major changes to the Tax Administration Act
The Attorney General has announced on 24th July 2019, that a bill has been sent to the President’s Office, proposing a number of amendments to the Tax Administration Act (Law Number 3/2010).
As per the Attorney General’s Office, the purpose of…
Changes to the requirements to qualify as a MIRA Registered Auditor
On 11 July 2019, the MIRA published Tax Ruling 2019/B70 which amends Tax Ruling 2018/B63 (Submission of Financial Statements and Appointment of Auditors). While this amendment brought about some changes to specified criteria under requirements to be fulfilled…
MED publishes Regulation on Dissolution Procedures of Non-Compliant Companies
On 18 June 2019, the “Regulation on Dissolution Procedures for Companies to be Dissolved by Decision of the Registrar of Companies” was published in the Government Gazette.
The Regulation, which was formulated pursuant to the Fourth Amendment to…