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…

Sixth Amendment to the Income Tax Regulation

The Sixth Amendment to the Income Tax Regulation introduces a number of important changes to the income tax framework, affecting the tax treatment of leases, capital allowances, functional currency, accounting and filing requirements, employer-provided staff accommodation and certain registration and compliance obligations.

A Practical Guide to GST on Inbound Tourism Products

The Eighth Amendment to the GST Act introduces a new GST framework for offshore suppliers of inbound tourism products, including foreign tour operators, online travel agencies and booking platforms.

Overview of the Maldives-Bangladesh DTA

The overview on the Maldives-UAE Double Tax Agreement will examine the key provisions of the DTA and the implications it has for businesses seeking to benefit from the treaty.

Bunny Holdings (BVI) Ltd v MIRA [2024] SC 55

In the case of Bunny Holdings (BVI) Limited v MIRA, the Supreme Court ruled that long-term villa leases in a tourist resort under strata basis involve the transfer of rights from a contract or law, placing them outside the scope of the GST Act.

Overview of the Foreign Currency Act

The Foreign Currency Act, effective from 1 January 2025, builds on the framework of the initial Foreign Currency Regulation, maintaining the key rules and controls over foreign currency income and transactions while also introducing specific modifications.

Private Companies Regulation

The Private Companies Regulation formulated by the Ministry of Economic Development and Trade under the Companies Act was published and came into effect on 10th October 2024. The Regulation details compliance requirements included in the Act applicable to private companies in Maldives.

Regulation on Foreign Currency

The MMA’s new Regulation on Foreign Currency came into effect on 1 October 2024 introducing significant new rules and controls over incomes received in foreign currency and foreign currency transactions

Year in Review 2023

Year in Review 2023" is aimed at providing summaries of the key developments throughout the year in the area of civil law. Both legislative changes and some key judgments of the courts have been summarised in this regard.

Tax Exemptions in the Maldives

The guide briefly looks at tax and import duty exemptions currently in place in the Maldives. It outlines the regulatory requirements for such exemptions, including application processes, prerequisites, compliance requirements, and circumstances for exemption termination.

Overview of the Maldives-UAE DTA

This overview provides a brief analysis of the Maldives-UAE DTA. The key provisions of the DTA will be looked at, including the implications it has on enterprises attempting to make use of the treaty.