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…
Seminar on Withholding Tax for Tourism Sector Professionals
CTL Strategies LLP is conducting a seminar on contemporary Withholding Tax issues faced by businesses operating in the tourism sector. The seminar is currently scheduled to be held on the 12 August 2017 and will be held in Male’.
The seminar, which…
Changes in Rules of End of Accounting Period for Companies in Dissolution
The Maldives Inland Revenue Authority has published Ruling B61 on 29 May 2017 which amends Section 11 of the Business Profit Tax Regulation.
The amended Section 11(b)(1) of the BPT Regulation stipulates that the date on which a person or persons, appointed…
Tax Alert, 25 MAY 2017
This issue covers the following:
1.Tax Ruling B60, which explains the dates on which an amount subject to WHT becomes payable under Section 6 of the BPT Act to the non-resident.
2. Tax Ruling G41, introducing a new criterion for zero-rating the…
Construction Act Ratified
On 23 April 2017, the Construction Act was published in the Maldives gazette, which sets out the standards and parameters to be followed by all actors in the industry.
The Act gives the Minister – responsible for enforcement of construction sector…
Changes Made to Grant of Rights Regulation
The Ministry of Tourism, on 26 April 2017, published the 2nd Amendment to Regulation Number 2010/R-14 (Grant of Rights – land and islands leased for tourism purposes) which amends Section 29 of the regulation. The section concerns debt clearance of…
Tax Alert, 20 APRIL 2017
This issue covers the following:
1. Tax Ruling B59, which explains that some amendments to the BPT Regulation brought via Tax Ruling B56 on 17 January 2017 apply to tax year 2016 as well, but only if a return is not filed by 17 April 2017.
2. Tax…
Civil Court has Jurisdiction to Enforce Arbitral Award
The Maldives High Court, on 20 April 2017, quashed the Civil Court’s decision that the Civil Court can only proceed with enforcement of the arbitral award after the High Court makes a decision regarding the award.
The initial case, which was filed…
Tax Alert, 15 FEBRUARY 2017
This issue covers the following developments:
1. Eleventh amendment to the BPT Regulation which changes to several rules on the accounting basis, capital allowance and loss relief.
2. Changes to the submission of financial statements and appointment…
MIRA v Travel Land Maldives Pvt Ltd
The High Court of Maldives has, on 3 October 2013, held that a “decision made by the MIRA” appealable to the TAT pursuant to Section 44 of the TAA originates only from an assessment issued by the MIRA. In the case, which involved the taxpayer filing…
BPT Return Exemption for Individuals and Deemed Partnerships
The Maldives Inland Revenue Authority has amended the Business Profit Tax Regulation exempting registered individuals and deemed partnerships who fulfill certain conditions from submitting a BPT return.
Pursuant to Tax Ruling B-58, an individual or…