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…
CTL Strategies Appointed as Gold 100 Evaluators
CTL Strategies LLP has been appointed as the evaluators of Gold 100, 2017.
Gold 100, which is a feature on the leading business enterprises in Maldives and published in Corporate Maldives - a premium business and hospitality magazine - undergoes a…
Tax Alert, 17 SEPTEMBER 2017
This issue covers the following:
1.Tax Ruling G42, which amends the GST registration requirements for taxable activities in the general sector, which are run by a person having taxable activities also in the tourism sector.
2. Limitations on claiming…
Focus, 17 SEPTEMBER 2017
This first issue of Focus is on the requirements of the Directors' Report that has to be submitted under the Companies Act of the Maldives (Law Number 10/96).
The information listed is compiled from an information sheet published by the Ministry of…
Mandatory General GST Registration for Tourism GST Registrants
The Maldives Inland Revenue Authority has published Ruling G42 on 7 September 2017 which amends Section 11 of the Goods and Services Tax Regulation.
The amended Section 11 requires persons who are already registered for Tourism GST to register for…
Apex Court Upholds Prospective Application of Law in Civil Matters
by Fathuhulla Ismail, Counsel
The Elections Commission of the Maldives filed a case with the Supreme Court against Fareedha Umar, a candidate of Jumhooree Party for the Local Council Elections, seeking to annul her candidacy.
The subject…
Land Sale Regulation Grants the Minister Power to Set Minimum Tax
The Ministry of Housing and Infrastructure, on 15 August 2017, published the 2nd Amendment to the "Regulation on Privatising and the Sale and Purchase of Land 2008" which changes the composition of the committee created under Section 10 and, allows the…
CTL Strategies Conducts Seminar on WHT for Tourism Professionals
A seminar on "Contemporary Issues on Withholding Tax in the Tourism Industry" was conducted by CTL Strategies on 12 August 2017.
The seminar held at hotel Jen was attended by CFO's and accounting executives from several 5 star and 6 star tourist establishments.
The…
Tourism Permit Not Required Prior to Signing Management Agreements
The Ministry of Tourism, on 3 August 2017, published the 3rd Amendment to Regulation Number 2010/R-14 (Grant of Rights – land and islands leased for tourism purposes) which allows for the signing of a management agreement prior to receiving the relevant…
Fines Under SER Postponed
The 2nd Amendment to the Salary Enforcement Regulation, published on 13 July 2017, changes the fine enforcement date to 1 January 2018.
The Amendment amends, Section 7(e) to change the fine enforcement date from 1 July 2017 to 1 January 2018. It also…
MED Publishes Guideline on Directors Report
The Ministry of Economic Development on 5 June 2017 published a guideline that sets out the requisite information to be included in the Directors Report of Private Companies incorporated under the Companies Act of the Maldives.
Prior to this guideline,…