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…
Changes to Charter License Criteria and the GST Rules for Agents of Foreign Tourist Vessels
On 2 January 2023, the Ministry of Tourism published a new Regulation on Governing Foreign Tourist Vessels Cruising and Harbouring in Maldivian Waters. The new Regulation introduces passenger liner permits for vessels carrying 50 or more passengers with a duration not exceeding 7 days in the Maldives. Agents of such vessels are no longer required to register the vessel as a taxable activity for GST purposes.
Compliance Requirements Under the New Companies Act
The Maldives Inland Revenue Authority (MIRA) has issued a crucial Tax Ruling as of 21 December 2023, outlining revised guidelines for claiming input tax within a 12-month period. This change emphasizes the necessity for businesses to adhere strictly to the input tax claiming deadlines to avoid forfeiture of tax credits, highlighting the importance of accurate and timely tax practices in compliance with the GST Act.
Minimum Investment Thresholds for SEZs Revised
The Presidential Decree on Determining the Permitted Economic Activities and the Minimum Investment Threshold for Special Economic Zones was gazetted on 17 December 2023 revising the minimum investment threshold for special economic zones in Maldives.
The President Ratifies the New Companies Act
The new Companies Act has been gazetted on 27 December 2023 and will be effective on 1 January 2024. The new Act introduces substantial changes to the company law landscape in Maldives bringing major developments that impact companies in Maldives. New compliance and regulatory requirements are also introduced under the new Act.
MIRA Issues Tax Ruling on Input Tax Claims
The Maldives Inland Revenue Authority (MIRA) has issued a crucial Tax Ruling as of 21 December 2023, outlining revised guidelines for claiming input tax within a 12-month period. This change emphasizes the necessity for businesses to adhere strictly to the input tax claiming deadlines to avoid forfeiture of tax credits, highlighting the importance of accurate and timely tax practices in compliance with the GST Act.
First Amendment to the Tourism Boundary Regulation
The First Amendment to the Tourism Boundary Regulation was gazetted on 16 November 2023 permitting lagoon boundary extensions for lagoons leased for tourism purposes and providing exemptions for the establishment of the no development zone which was previously mandated under the Tourism Boundary Regulation.
Companies Bill Passed by Majlis
The Companies Bill, passed during the 32nd Sitting of the 3rd Session of the People’s Majlis on December 5, 2023, introduces significant changes to the existing Companies Act of 1996.
High Court Sets Precedent - Courts to Appoint A Litigation Friend To Represent Children and Protected Persons At Civil Proceedings
In the recent judgment of the High Court in Re Aishath Zaeema, the High Court established a pivotal precedent that is set to have huge implications on the rights of children and other protected persons who lack the capacity to represent themselves at court proceedings.
MIRA v CDLHT Oceanic Maldives Pvt Ltd | MIRA v Sanctuary Sand Maldives Pvt Ltd
On 24 September 2023, the High Court handed down the judgement in a case which provided clarity on two issues: 1) the deductibility of interest on a loan transaction between related parties, 2) requirement to perform a comparability analysis in determining whether a transaction is at arm’s length.
Regulation on Employment of Expatriate Workers
The Regulation on Employment of Expatriate Workers gazetted on 24 May 2023, introduced some major changes to the work permit application process in the Maldives and repealed the old Regulation on Employment of Expatriate Workers.