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…
Seminar on Income Tax in Practice
CTL Strategies is conducting a full day seminar on Income Tax in Practice. The seven and a half hour seminar is designed to give participants an overview of the new Income Tax regime and will cover new concepts introduced under the Act as well as important…
Overview of the Income Tax Act
This publication gives an overview of the Income Tax Act (“ITA”) which has commenced on 1 January 2020.
If you have any questions or wish to discuss the implications of the Act on you, please contact one of our tax advisors or drop…
Photo by Tim Mossholder on UnsplashFirst Amendment to Business Registration Act Commences
On 5 January 2020, the Ministry of Economic Development issued an announcement regarding the commencement and operation of the First Amendment to the Business Registration Act.
As per the Ministry’s announcement, the businesses are no longer required…
Year in Review 2019
Our “Year in Review 2019” summarises the crucial regulatory developments in 2019. For ease of reference, these are categorised and labelled as “tax” and “legal” developments. Most of these developments are already explained in further detail in the several publications we made during the year. Some of the issues have also been addressed to in Blog posts by our lawyers and tax advisors.
When Done Right, Defamation Laws – A Necessary Curb on Free Speech
by Mariyam Naufa, Associate
Without fail, every time you make the mistake of skimming through the headlines of Maldivian news articles or slide into the political Twitter, which more often feels like a cesspool of mean teenagers on a contest to win…
President ratifies Income Tax Bill into law
On 17 December 2019, President Ibrahim Mohamed Solih has ratified the Income Tax Bill into law. The Income Tax Act, marks the introduction of tax on personal income and introduces several important changes to the tax regime of the Maldives.
The Act,…
CTL Strategies to Host a Series of Webinars on Income Tax
CTL Strategies is conducting a series of Webinars on the Income Tax Bill passed by the People’s Majlis on 4 December 2019. The Income Tax Bill have some far reaching implications on businesses in both a corporate profit tax, and personal income tax…
President Ratifies Act on Control of Agricultural Pesticides
On 9 December 2019, the President ratified the Control of Pesticides Used for Agricultural Purposes Act. The Act introduces a broad framework for the import, export, trade of agricultural pesticides, and also introduces search and seizure, and specific…
Fifth Amendment to the Maldives Constitution Ratified
On 8 December 2019, the Fifth Amendment to the Constitution of the Maldives was published in the Government Gazette. The Amendment introduces some important changes to the local council electoral process.
The Amendment amends subsections (a), (b) and…
Insight: ADK Enterprises v MIRA
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Summary
On what basis should capital allowance be claimed for assets held at the commencement of the BPT Act?
In the case of ADK Enterprises v MIRA1, the Tax Appeal Tribunal (“TAT”), by unanimous decision, has held that companies must claim capital…