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…

Calculating your interim payment for 2020

Income Tax Act has special rules on calculation of interim payment where a taxpayer estimates the tax liability of this year to be lower than that of the previous year. This article explains how these rules can be applied in practice.

TAT Publishes Rules on Remote Hearings

On 15 June 2020, the Tax Appeal Tribunal has published rules on how the Tribunal will carry on with online proceedings and other matter pertinent to the Tribunal's process.

Tax Alert, 18 June 2020

This issue is focused on the Transfer Pricing Regulation (Regulation Number 2020/R-43) published by the Maldives Inland Revenue Authority (MIRA) on 10 June 2020.

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.

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From 1 January 2020 onwards, with the commencement of the Income Tax Act (ITA), land sales tax has been repealed and sale of properties will continue to be taxed under the Capital Gains Tax regime under the ITA.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).

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.