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 FAQs: Employment Matters

Here we provide answers to some of the important Frequently Asked Question on the rights employees may have in dire situations like the current COVID-19 pandemic situation.

COVID-19 FAQs: Taxes & Fees

Here we provide answers to some of the questions questions with respect to your tax affairs and how the COVID-19 pandemic would have an impact on you as a taxpayer.

COVID-19: Workforce Restructuring

by Rafa Rasheed Prelude In connection with the COVID-19 pandemic, many businesses are considering, or have already reduced their workforce due to the interruption of business operations as a result of measures implemented by the government or due…

President Ratifies amendment to Anti-Human Trafficking Act

President Solih, on 29 March 2020, ratified the first amendment to the Maldives Anti-Human Trafficking Act.  The amendment brings changes to section 60(b) of the Act - composition of the National Anti-Human Trafficking Steering Committee. Prior to…

Government Introduces Stimulus Package to Aid Businesses

President Ibrahim Solih addressed the nation and the concerns of the citizens regarding the COVID-19 pandemic and its effects upon the nation. The President’s speech addressed many concerns which have been shared by citizens and enterprises operating…

COVID-19 - A Reason to Discharge Contractual Obligations?

by Mariyam Naufa   With the onset of the global public health emergency of coronavirus (COVID-19), supply chains continue to be disrupted and consumer spending has plummeted to unprecedented levels. As a result, businesses are looking…

New Income Tax Regulation published

Income Tax Regulation (Number 2020/R-21) has been published in the Government Gazette on 10 March 2020. With this, the previous Income Tax Regulation (Regulation Number 2019/R-1090) published by the MIRA on 31 December 2019 has now been repealed. Some…

Salary Board Recommends Minimum Wage to Minister

The Salary and Remuneration Advisory Board, on 20 February 2020, published a report on recommendations to the Minister of Economic Development on setting the National Minimum Wage. Based on studies conducted which focused on two approaches – the…