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…

COVID-19 Economic Relief Package

On 7 April 2020, the Ministry of Finance issued a press release with the details of the COVID-19 Economic Relief Package offered by the Government. This advisory summarises the said press release.

Tax Implications of the Employee’s Income Tax Borne by the Employer

Some employers may decide to pay income tax on behalf of the employee. In some jurisdictions, such tax payments made by the employer are not considered as a taxable benefit. The case, however, is not the same in the Maldives. This article illustrates how this applies in practice, and how it affects the tax liability of the employee.

Tourism Establishments to Register with an Online Portal

Regulation on Collection of Information for the Compilation of Tourism Statistics, which provides for the collection of tourism-related information and rules on how that information would be utilized, has been published in the government gazette

Public Health Emergency Bill 2020 Submitted to Parliament

The Public Health Emergency Bill 2020 submitted by the government broadly aims to ensure housing protections, rights of employees, and address financial assistance and tax reliefs to counteract the impact of the #COVID19 pandemic.

Webinar on Tenancy Bill

The webinar is targeted at tenants, landlords, property developers and managers. The duration of the webinar is expected to be 45 minutes. It will take place on 4 June 2020 at 9:00 pm.

COVID-19 and Voluntary Liquidation

COVID-19 pandemic may force some companies to file for liquidation. This article summarises the procedures to be followed in such a voluntary liquidation.

COVID-19: Tax Considerations for Individuals & Businesses

As the COVID-19 pandemic continues, businesses and individuals will inevitably undergo its unprecedented impacts. With this in perspective, this post will present to you the tax concessions and options that are currently available to taxpayers in the Maldives.