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…

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…

Focus, 17 SEPTEMBER 2017

This first issue of Focus is on the requirements of the Directors' Report that has to be submitted under the Companies Act of the Maldives (Law Number 10/96). The information listed is compiled from an information sheet published by the Ministry 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…

Tax Alert, 25 MAY 2017

This issue covers the following: 1.Tax Ruling B60, which explains the dates on which an amount subject to WHT becomes payable under Section 6 of the BPT Act to the non-resident. 2. Tax Ruling G41, introducing a new criterion for zero-rating the…