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…
Insight: Medianet Pvt Ltd v MIRA
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Summary
The phrase “other property” in Section 6(a)(1) of the BPT Act should be construed to include only tangible property
In the case of Medianet v MIRA1, the Tax Appeal Tribunal ("TAT"), by a majority decision of four to one, held that channel…
Fines for Late Payment of Invoiced Amounts Cannot Be Arbitrary - High Court
The High Court Of Maldives, on 23 July 2019, partially overturned the Civil Court’s decision in the case Ahmed Amir v Dhivehi Rayyithunge Party. In its decision, the High Court held that the Appellant, DRP, while still required to pay the principal…
Maldives Signs Singapore Convention on Mediation
The Republic of Maldives, on 7 August 2019, was one of forty-six countries that signed the United Nations Convention on International Settlement Agreements Resulting from Mediation, in a ceremony held in Singapore.
The Convention, which is widely regarded…
Government Proposes Major changes to the Tax Administration Act
The Attorney General has announced on 24th July 2019, that a bill has been sent to the President’s Office, proposing a number of amendments to the Tax Administration Act (Law Number 3/2010).
As per the Attorney General’s Office, the purpose of…
Changes to the requirements to qualify as a MIRA Registered Auditor
On 11 July 2019, the MIRA published Tax Ruling 2019/B70 which amends Tax Ruling 2018/B63 (Submission of Financial Statements and Appointment of Auditors). While this amendment brought about some changes to specified criteria under requirements to be fulfilled…
MED publishes Regulation on Dissolution Procedures of Non-Compliant Companies
On 18 June 2019, the “Regulation on Dissolution Procedures for Companies to be Dissolved by Decision of the Registrar of Companies” was published in the Government Gazette.
The Regulation, which was formulated pursuant to the Fourth Amendment to…
Tribunal Makes a Landmark Decision on WHT on Interconnection Charges and Computer Software Payments
On 26 April 2019, the Tax Appeal Tribunal has set a landmark precedent on the application of Section 6 on Interconnection Charges and similar types of payments, and payments made for the use of certain types of Computer Software utilized in the Telecommunications…
Management Services Subject to WHT Only if Rendered After Commencement of the BPT Act: High Court
The High Court of Maldives, on 26 April 2019, struck down the Tax Appeal Tribunals decision regarding the interpretation of Section 6 of the Business Profit Tax Act, stating that Withholding Tax may be applied only on payments for services that are rendered…
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…