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…

Tribunal Declares MIRAs Decision Invalid, Orders Re-audit

On 15 May 2019, the Tax Appeal Tribunal decided, by way of majority decision, in favor of the Appellant, Maldives Passions Private Limited and ordered the MIRA to re-audit the taxable periods under dispute in the appeal case. The Tribunal, with a majority…

Constitution Amended Prohibiting Ownership of Land by Foreigners

On 23 April 2019, the fourth amendment to the Constitution of the Republic of Maldives was published in the Government Gazette, amending Article 251 of the Constitution. The amendment, changes Article 251(a) and 251(b) and repeals Chapter 15 of the…

BPT Treatment of Director's Remuneration

by Madeeh Ahmed, Senior Tax Advisor The MIRA recently issued a tax ruling (TR-2019/B69 issued on 21 March 2019) which has changed its position on how director's remuneration is treated under the BPT Act in the hands of the recipient, and what constitutes…

MED Amends Import Regulations

On 28 March 2019, the third amendment to the Import, Export and Re-export of Goods Regulation was published in the Government Gazette. As per the amendment to the Regulation, enterprises that import, export and re export are now, no longer required…

MIRA Changes Rules on Imposing BPT on Director’s Remuneration

On 21 March 2019, the MIRA published Tax Ruling TR-2019/B69 which amends Tax Ruling TR-2018/B65 (Employment Under a Contract of Service). The ruling now classifies remuneration paid by a company to a director partnership to a partner, a trust or body…

Insight: Abdulla Shareef v MIRA

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Summary What triggers the time of supply? Can MIRA make an assessment based on information that is not provided by the taxpayer? In the case of Abdulla Shareef v MIRA1, the Tax Appeal Tribunal, by unanimous decision, held that the MIRA’s Notice…

Construction Administration Regulation Published

On 11 March 2019, the “Construction Administration Regulation” was published in the Maldives Gazette. The Construction Administration Regulation, formulated under the Construction Act which was promulgated on 23 April 2017, largely deals with procedural…

Seminar on Recent Developments in BPT and WHT

CTL Strategies is conducting a full day seminar on Recent Developments in BPT and WHT. The seven-hour seminar is designed to give participants an in-depth understanding of the BPT and WHT regimes, including the recent updates to those regimes via Tax…