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Seminar on Navigating Tax and Legal Developments in the Maldives Tourism Sector
CTL Strategies is conducting a full-day seminar on the evolving tax and legal landscape impacting the tourism sector in the Maldives. The seminar is designed to provide participants with crucial insights into the latest regulatory developments and practical guidance on how to remain compliant with the new developments.
MMA Publishes a New Foreign Currency Bill
The MMA has published a Foreign Currency Bill for public consultation on 26 November 2024. The Bill largely mirrors the current Regulation, maintaining foreign currency deposit and conversion requirements with some modifications.
Third Amendment to the Green Tax Regulation Published by MIRA
On 25 November 2024, MIRA published the Third Amendment to the Green Tax Regulation. This amendment follows the doubling of the Green Tax rate and the exemption from Green Tax granted to toddlers under the age of 2, as introduced by the 14th Amendment to the Tourism Act.
MIRA Publishes 31st Amendment to the GST Regulation
MIRA has published the 31st Amendment to the GST Regulation. This Amendment primarily introduces rules applicable to supplies made by cafes operated in a tourist establishment that cater exclusively to employees.
MIRA Issues Regulation on Information Submission for Special Economic Zone Developers and Investors
Maldives Inland Revenue Authority has issued a regulation detailing the information submission requirements for developers and investors in Special Economic Zones
Tax Rates Increased Following Ratification of New Amendments
The rates for the TGST, Green Tax and Airport Taxes and Fees have been increased following the ratification of several key amendments today 5 November 2024. This is part of the government’s fiscal strategy aimed at reducing budget deficits and boosting foreign currency inflows.
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.
MIRA Implements Changes to Enforcement Policies
On 20 October 2024, MIRA implemented notable changes to its enforcement policies through amendments to the General Enforcement Policy, Policy on Accessing Bank Account Information and Freezing Bank Accounts and the Name and Shame Policy.
Regulation on Registration of Foreign Companies
The Regulation on Registration of Foreign Companies was gazetted on 10 October 2024 to come into force with immediate effect. The Regulation details the application process for the re-registration of foreign companies, along with compliance requirements applicable to them.
Regulation on Money Changing Businesses
On 1 October 2024, the Regulation on Money Changing Businesses was published by the Maldives Monetary Authority coming into immediate effect. The Regulation updates the rules surrounding the issuance of money changing licences to businesses and seeks to strengthen the efforts of the MMA with regards to supervision of such businesses.