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…
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…
On 31 August 2020, the Competition Act was published in the gazette which sets out the provisions to develop and maintain a competitive commercial environment for enterprises, and sets out restrictions, and prohibits business practices and arrangements which may have a negative impact on competition.
On 8 September 2020 the Maldives Chartered Accountants Act was published, introducing a new independent institution - The Institute of Chartered Accountants of the Maldives. The Act empowers the governing council of the institute to regulate, and develop the field of chartered accountancy in the Maldives.
On 31 August 2020, the Consumer Protection Act was published, which sets out the rights and protections granted to consumers, and prescribes duties and responsibilities of suppliers of goods and services in the Maldives.
On 31 August 2020, the Fourth Amendment to the Land Transport Act was published, introducing the formation of a road safety council and other key changes.
On 17 August 2020, the Maldives Inland Revenue Authority (MIRA) published a circular requiring certain taxpayers to file their interim return, and make interim payments via MIRAconnect or the Maldives Real Time Gross Settlement (MRTGS).
On 12 August 2020, the Regulation on Employing Expatriates in the Maldives was published which provides for procedures to be followed by Employers, representatives and persons providing accommodation to expatriate workers.
An appeal before the Supreme Court in which the Court considered whether a supervening event which resulted in the loss of cargo transported to the Maldives, constituted unforeseeable circumstances that resulted in the contract being frustrated.
On 10 August 2020, the MMA published the Regulation on Management of Confiscated Assets related to Money Laundering and Financing of Terrorism which provides the procedures on dealing with confiscated funds and property under the Prevention of Money Laundering and Financing of Terrorism Act.
An appeal where the Supreme Court considered whether a procedural decision already appealed, can be re-appealed by including the procedural decision as an appeal point when appealing the decision on substantial issues of a case
On 5 August 2020, the First Amendment to the Legal Profession Act was published, which provides that law graduates that complete a one month long training program and meet other conditions stipulated in the Act will be eligible to be sworn in and admitted to the Bar.