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…
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…
This article explains the interest limitation rules under the Maldives Income Tax Act, with specific focus on thin capitalisation rules, 6% rate cap, and transfer pricing.
This article provides an overview of some of the tax measures undertaken by tax authorities globally and attempts to present a comparative analysis of these tax measures with the Maldivian tax system.
Income Tax Act has special rules on calculation of interim payment where a taxpayer estimates the tax liability of this year to be lower than that of the previous year. This article explains how these rules can be applied in practice.
From 1 January 2020 onwards, with the commencement of the Income Tax Act (ITA), land sales tax has been repealed and sale of properties will continue to be taxed under the Capital Gains Tax regime under the ITA.
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.
COVID-19 pandemic may force some companies to file for liquidation. This article summarises the procedures to be followed in such a voluntary liquidation.
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.
Considering the impact of this COVID-19 Pandemic globally, and the possible strains it could have on the health care system of Maldives, this post looks at rights and responsibilities of healthcare workers.
This article explores in detail decisive measures introduced and implemented by governments worldwide to help businesses to retain their employees.
This write-up explores the factors useful to consider in providing unemployment benefits, challenges that may come across and the approaches in practice in other jurisdictions.