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…

FAQs on Service Charge

We answer some of the FAQs on the application of service charge on tourism services, introduced by the 6th Amendment to the Employment Act.

Tax on Pro Bono Legal Services

This article explores the current tax position on providing pro bono legal services, giving a view that is critical for lawyers and policymakers.

Calculating your interim payment for 2020

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.

Selling a land or property? Know your tax implications

From 1 January 2020 onwards, with the commencement of the Income Tax Act (ITA), land sales tax has been repealed and sale of properties will continue to be taxed under the Capital Gains Tax regime under the ITA.

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.

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.