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…
Micro Businesses Not Required to Submit Auditor’s Report
The Maldives Inland Revenue Authority has brought an amendment to the Business Profit Tax Regulation exempting micro businesses from submitting an auditor’s report with their BPT Return.
Pursuant to Tax Ruling B-57, a micro business, which is categorically…
Goods Imported on Behalf of a Third Party Subject to GST
The MIRA has published a circular concerning the GST implications for businesses that import goods on behalf of a third party.
The circular reminds GST registered businesses that importing goods on behalf of a third party shall be considered as a sale…
Agoda payments now subject to WHT
Maldives Inland Revenue Authority has issued a circular instructing taxpayers to pay withholding tax on payments made to all online travel agencies (OTAs), regardless of the arrangement agreed with the OTAs. As per the circular, the new rule comes into…
Guide on Managing Tax Audits
Tax audits conducted by the Maldives Inland Revenue Authority (MIRA) loom over virtually every business operating in the Maldives. The Examination of your accounts and financial affairs tends to be a time-consuming and arduous process which may remove…
Tax Ruling issued on the GST treatment of imported goods
A Tax Ruling has been issued by the Maldives Inland Revenue Authority (MIRA) on 8 August 2016 clarifying the GST treatment of imported goods. The Ruling explains the GST treatment when goods are imported to Maldives under an import license (regardless…
MIRA to introduce Advance Pricing Agreements
The Maldives Inland Revenue Authority (MIRA) has announced that Advance Pricing Agreements (APAs) between taxpayers and MIRA will be introduced this year. This announcement was made by the Commissioner General of Taxation in his speech at the function…
COURSE ON ACCOUNTING AND FINANCE FOR LAWYERS & MANAGERS
The Maldives Law Institute in association with CTL Consulting is organising a course on "Accounting and Finance for Lawyers and Managers" and will be held from March 27 ‐ 31, 2016. The course will provide a technical and conceptual foundation in…
COURSE ON ACCOUNTING AND FINANCE FOR LAWYERS
The Maldives Law Institute in association with CTL Consulting is organising a course on "Accounting and Finance for Lawyers" and will be held from November 15 ‐ 19, 2015. The course will provide a technical and conceptual foundation in financial…
NO GROUNDS FOR REPEALING SECTION 44 OF TAA: HC
The High Court of the Maldives has ruled that the section 44 of the Law Number 3/2010 (Tax Administration Act) does not contravene Article 40(a) and 56 of the Constitution of the Maldives. This ruling was made following an application by a taxpayer to…
Tax disputes & controversies
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