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…

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.

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.

Policy on Recovery of Tax from Third Parties

The Policy on Recovery of Tax from Third Parties outlines the procedures through which MIRA can recover unpaid taxes, fines or other outstanding payments from third-parties as specified in Section 47 of the Tax Administration Act.

Guidance on GST Rate Change

This Advisory guides you through any transitional issues that you may be facing with respect to the application of the correct GST rate - especially for transactions that straddle the effective date of rate change.

Enforcement Policies of MIRA

This Advisory summarises the key aspects of the recent enforcement policies published by the MIRA.

Third Amendment to the Income Tax Regulation

This Advisory summarises the key aspects of the Third Amendment to the Income Tax Regulation gazetted by the Maldives Inland Revenue Authority on 19 October 2021.

Establishment of a Minimum Wage

This Advisory summarises the imperative aspects of the Minimum Wage Order gazetted by the Ministry of Economic Development on 8 November 2021.

General Employment Regulation

This Advisory summarises the imperative aspects of the General Employment Regulation gazetted by the Ministry of Economic Development on 9 May 2021.