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…

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…

Tax Alert, 20 APRIL 2017

This issue covers the following: 1. Tax Ruling B59, which explains that some amendments to the BPT Regulation brought via Tax Ruling B56 on 17 January 2017 apply to tax year 2016 as well, but only if a return is not filed by 17 April 2017. 2. Tax…

Tax Alert, 15 FEBRUARY 2017

This issue covers the following developments: 1. Eleventh amendment to the BPT Regulation which changes to several rules on the accounting basis, capital allowance and loss relief. 2. Changes to the submission of financial statements and appointment…

MIRA v Travel Land Maldives Pvt Ltd

The High Court of Maldives has, on 3 October 2013, held that a “decision made by the MIRA” appealable to the TAT pursuant to Section 44 of the TAA originates only from an assessment issued by the MIRA. In the case, which involved the taxpayer filing…

Guide on Managing Tax Audits

Tax audits conducted by the Maldives Inland Revenue Authority (MIRA) loom over virtually every business operating in the Maldives. The Examination of your accounts and financial affairs tends to be a time-consuming and arduous process which may remove…

Tax Alert, 8 December 2016

This issue covers the following developments: 1. Publication of the Salary Enforcement Regulation, which prescribed crucial rules for the implementation of Remittance Tax 2. Nineteenth Amendment to the GST Regulation: New rules on time of supply 3.…

Tax Alert, 3 October 2016

This issue covers the following changes to tax laws: 1. Green Tax on guesthouses: Guesthouses to charge Green Tax from 1 October 2016. 2. Publication of Remittance Tax Regulation: Summary of the key aspects of the Remittance Tax Regulation.   Download…