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…
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.
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.
30th Amendment to the GST Regulation
This Advisory guides you through the key changes introduced through the 30th amendment to the GST Regulation.
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.
Tax Alert, 2 April 2023
This issue of the Tax Alert focuses on the fee on plastic bags.
Year in Review 2022
Our "Year in Review 2020" provides brief summaries of the key legal and tax developments through the year 2020, as the Maldives navigated its way through the COVID-19 pandemic. Some of the issues have also been addressed to in blog posts by our lawyers and tax advisors, and in a variety of our publications.
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.
Tax Alert, 24 November 2022
This issue is focused on the Sixth Amendment to the GST Act (Law Number 20/2022).
The major change introduced via the Amendment is the change in GST rates that is to come into effect from 1 January 2023.
Overview of the Proposed Tax on Plastic Bags
With the purpose of reducing the negative environmental impacts caused by plastic waste, the Waste Management Bill proposes a tax equivalent to MVR 2 to be collected from plastic bags at points of sale. Our overview provides a summary of the proposed mechanism on the collection and administration of this tax.