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CTL Strategies Conducts Seminar on WHT for Tourism Professionals

A seminar on "Contemporary Issues on Withholding Tax in the Tourism Industry" was conducted by CTL Strategies on 12 August 2017. The seminar held at hotel Jen was attended by CFO's and accounting executives from several 5 star and 6 star tourist establishments. The…

Tourism Permit Not Required Prior to Signing Management Agreements

The Ministry of Tourism, on 3 August 2017, published the 3rd Amendment to Regulation Number 2010/R-14 (Grant of Rights – land and islands leased for tourism purposes) which allows for the signing of a management agreement prior to receiving the relevant…

Fines Under SER Postponed

The 2nd Amendment to the Salary Enforcement Regulation, published on 13 July 2017, changes the fine enforcement date to 1 January 2018. The Amendment amends, Section 7(e) to change the fine enforcement date from 1 July 2017 to 1 January 2018. It also…

MED Publishes Guideline on Directors Report

The Ministry of Economic Development on 5 June 2017 published a guideline that sets out the requisite information to be included in the Directors Report of Private Companies incorporated under the Companies Act of the Maldives. Prior to this guideline,…

Seminar on Withholding Tax for Tourism Sector Professionals

CTL Strategies LLP  is conducting a seminar on contemporary Withholding Tax issues faced by businesses operating in the tourism sector. The seminar is currently scheduled to be held on the 12 August 2017 and will be held in Male’. The seminar, which…

Construction Act Ratified

On 23 April 2017, the Construction Act was published in the Maldives gazette, which sets out the standards and parameters to be followed by all actors in the industry. The Act gives the Minister – responsible for enforcement of construction sector…

Changes Made to Grant of Rights Regulation

The Ministry of Tourism, on 26 April 2017, published the 2nd Amendment to Regulation Number 2010/R-14 (Grant of Rights – land and islands leased for tourism purposes) which amends Section 29 of the regulation. The section concerns debt clearance of…

Civil Court has Jurisdiction to Enforce Arbitral Award

The Maldives High Court, on 20 April 2017, quashed the Civil Court’s decision that the Civil Court can only proceed with enforcement of the arbitral award after the High Court makes a decision regarding the award. The initial case, which was filed…

BPT Return Exemption for Individuals and Deemed Partnerships

The Maldives Inland Revenue Authority has amended the Business Profit Tax Regulation exempting registered individuals and deemed partnerships who fulfill certain conditions from submitting a BPT return. Pursuant to Tax Ruling B-58, an individual or…