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…
Insight: Abdulla Shareef v MIRA
Summary
What triggers the time of supply? Can MIRA make an assessment based on information that is not provided by the taxpayer?
In the case of Abdulla Shareef v MIRA1, the Tax Appeal Tribunal, by unanimous decision, held that the MIRA’s Notice…
Tax Alert, 27 January 2019
This issue covers the most recent developments brought to the rules on Thin Capitalisation. Thin Capitalisation rules were initially introduced by the Maldives Inland Revenue Authority (MIRA) on 26 April 2018, via Tax Ruling TR-2018/B64.
The new rules,…
Year in Review 2018
Our "Year in Review 2018" summarises the crucial regulatory developments in 2018. 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…
Foreign Investment Procedure & Considerations
Foreign enterprises looking to invest in the Maldives are required to register their enterprise in the Maldives prior to commencing operations. Registering a foreign enterprise entails following a set of procedural rules, in the correct order, and complying…
Tax Alert, 20 June 2018
This issue covers the following:
1. Thin capitalisation rules introduced through Tax Ruling B64.
2. Attributes of employment under a contract of service explained in Tax Ruling B65
3. Fifteenth amendment to the BPT Regulation: repealing of rules…
Year in Review 2017
This edition of Year in Review focuses on the major changes in tax rules and important regulatory changes in 2017 that impacts businesses in the Maldives. You can refer to our publications on the same rulings or changes to find out more information regarding…
Tax Alert, 18 February 2018
This issue covers the following:
1. Changes brought to the imposition of WHT on commission paid to Online Travel Agencies. These changes are introduced via the First Amendment to the Tax Ruling TR-2013/B25.
2. New rules introduced by the Twenty-third…
HPL Resorts (Maldives) Pvt Ltd v MIRA
In the case of HPL v MIRA, the Tax Appeal Tribunal held that reimbursement of expenses made under management agreements are not subject to WHT unless they are for a service specifically stated in Section 6(a) of the BPT Act.
The key point noted by the…
Tax Alert, 17 SEPTEMBER 2017
This issue covers the following:
1.Tax Ruling G42, which amends the GST registration requirements for taxable activities in the general sector, which are run by a person having taxable activities also in the tourism sector.
2. Limitations on claiming…