MIRA Calls Upon Taxpayers That Do Not Meet Registration Requirements to Deregister
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…
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…
Interest limitation rules under the Income Tax Act
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.
COVID-19: Tax Measures from Other Countries for Consideration
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.
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From 1 January 2020 onwards, with the commencement of the Income Tax Act (ITA), land sales tax has been repealed and sale of properties will continue to be taxed under the Capital Gains Tax regime under the ITA.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.
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.
COVID-19: Rights and Obligations of Healthcare Professionals in a Pandemic
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.
COVID-19: Employment Retention Measures – Lessons from Other Countries
This article explores in detail decisive measures introduced and implemented by governments worldwide to help businesses to retain their employees.
COVID-19: An opportune to introduce Unemployment Benefit Schemes?
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.