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…
Overview of the Public Health Emergency Bill 2020
This publication gives an overview of the Public Health Emergency Bill 2020 submitted to the People's Majlis on 29 May 2020.
COVID-19: Income Support Allowance Scheme
This advisory provides an overview of the key parts of the guidance document on the Income Support Allowance Scheme published by the President's Office.
COVID-19 Economic Relief Package
On 7 April 2020, the Ministry of Finance issued a press release with the details of the COVID-19 Economic Relief Package offered by the Government. This advisory summarises the said press release.
COVID-19: Workforce Restructuring
by Rafa Rasheed
Prelude
In connection with the COVID-19 pandemic, many businesses are considering, or have already reduced their workforce due to the interruption of business operations as a result of measures implemented by the government or due…
COVID-19 - A Reason to Discharge Contractual Obligations?
by Mariyam Naufa
With the onset of the global public health emergency of coronavirus (COVID-19), supply chains continue to be disrupted and consumer spending has plummeted to unprecedented levels. As a result, businesses are looking…
Overview of the Income Tax Act
This publication gives an overview of the Income Tax Act (“ITA”) which has commenced on 1 January 2020.
If you have any questions or wish to discuss the implications of the Act on you, please contact one of our tax advisors or drop…
Year in Review 2019
Our “Year in Review 2019” summarises the crucial regulatory developments in 2019. 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 the several publications we made during the year. Some of the issues have also been addressed to in Blog posts by our lawyers and tax advisors.
Insight: ADK Enterprises v MIRA
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Summary
On what basis should capital allowance be claimed for assets held at the commencement of the BPT Act?
In the case of ADK Enterprises v MIRA1, the Tax Appeal Tribunal (“TAT”), by unanimous decision, has held that companies must claim capital…
Insight: Traders Hotel v MIRA
Summary
Sale of assets or a business combination? Is acquisition of leasehold rights eligible for capital allowance?
In the case of Traders Hotel v MIRA1, the Tax Appeal Tribunal (“TAT”), by unanimous decision, upheld the decision of the MIRA…
Overview of Income Tax Bill
This publication gives an overview of the Income Tax Bill submitted to the Parliament by the Government of Maldives on 15 October 2019. The Parliament has commenced debate on the Bill, and is expected to bring changes to the Bill, before voting…