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…

CTL Strategies Appointed as Gold 100 Evaluators

CTL Strategies LLP has been appointed as the evaluators of Gold 100, 2017. Gold 100, which is a feature on the leading business enterprises in Maldives and published in Corporate Maldives - a premium business and hospitality magazine - undergoes a…

Mandatory General GST Registration for Tourism GST Registrants

The Maldives Inland Revenue Authority has published Ruling G42 on 7 September 2017 which amends Section 11 of the Goods and Services Tax Regulation. The amended Section 11 requires persons who are already registered for Tourism GST to register for…

Surcharges Not in Purview of Tax Rules Supreme Court

by Fathuhulla Ismail, Counsel   Supreme Court of the Maldives on 20 March 2017 has decided ADK Trade and Shipping Pvt Ltd v State (Maldives Customs Services), its case number 2015/SC-A/10. The case decided the effect and application of…

Land Sale Regulation Grants the Minister Power to Set Minimum Tax

The Ministry of Housing and Infrastructure, on 15 August 2017, published the 2nd Amendment to the "Regulation on Privatising and the Sale and Purchase of Land 2008" which changes the composition of the committee created under Section 10 and, allows the…

CTL Strategies Conducts Seminar on WHT for Tourism Professionals

A seminar on "Contemporary Issues on Withholding Tax in the Tourism Industry" was conducted by CTL Strategies on 12 August 2017. The seminar held at hotel Jen was attended by CFO's and accounting executives from several 5 star and 6 star tourist establishments. The…

Tourism Permit Not Required Prior to Signing Management Agreements

The Ministry of Tourism, on 3 August 2017, published the 3rd Amendment to Regulation Number 2010/R-14 (Grant of Rights – land and islands leased for tourism purposes) which allows for the signing of a management agreement prior to receiving the relevant…

Fines Under SER Postponed

The 2nd Amendment to the Salary Enforcement Regulation, published on 13 July 2017, changes the fine enforcement date to 1 January 2018. The Amendment amends, Section 7(e) to change the fine enforcement date from 1 July 2017 to 1 January 2018. It also…

MED Publishes Guideline on Directors Report

The Ministry of Economic Development on 5 June 2017 published a guideline that sets out the requisite information to be included in the Directors Report of Private Companies incorporated under the Companies Act of the Maldives. Prior to this guideline,…

Seminar on Withholding Tax for Tourism Sector Professionals

CTL Strategies LLP  is conducting a seminar on contemporary Withholding Tax issues faced by businesses operating in the tourism sector. The seminar is currently scheduled to be held on the 12 August 2017 and will be held in Male’. The seminar, which…