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Tax Alert, 18 June 2020

This issue is focused on the Transfer Pricing Regulation (Regulation Number 2020/R-43) published by the Maldives Inland Revenue Authority (MIRA) on 10 June 2020.

Company Annual Fee for 2020 Payment Deferred

The Ministry of Economic Development, on 17 June 2020, announced that the payment date for company annual fees for 2020 has been deferred and that late payment fines will not be imposed.

New Tax Payment Deadlines Announced

The MIRA announced, on 15 June 2020, the commencement of services of the Taxpayer Service Centre from 5 July onwards, and new deadlines for filing tax returns and payment of taxes, and other fees and charges.

Selling a land or property? Know your tax implications

From 1 January 2020 onwards, with the commencement of the Income Tax Act (ITA), land sales tax has been repealed and sale of properties will continue to be taxed under the Capital Gains Tax regime under the ITA.

Transfer Pricing Regulation Published

The Regulation governs and implements the requirements on transfer pricing imposed under Section 68 of the Income Tax Act (Law Number 25/2019).

Tax Implications of the Employee’s Income Tax Borne by the Employer

Some employers may decide to pay income tax on behalf of the employee. In some jurisdictions, such tax payments made by the employer are not considered as a taxable benefit. The case, however, is not the same in the Maldives. This article illustrates how this applies in practice, and how it affects the tax liability of the employee.

Tourism Establishments to Register with an Online Portal

Regulation on Collection of Information for the Compilation of Tourism Statistics, which provides for the collection of tourism-related information and rules on how that information would be utilized, has been published in the government gazette

Public Health Emergency Bill 2020 Submitted to Parliament

The Public Health Emergency Bill 2020 submitted by the government broadly aims to ensure housing protections, rights of employees, and address financial assistance and tax reliefs to counteract the impact of the #COVID19 pandemic.