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…

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…

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…