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…

The Ministry of Finance Issues a Circular on Deferment of Land Rent

The Ministry of Finance, on 28 June 2020, issued a Circular with details in implementing the deferment of land lease announced by the President during his public address on 20 May 2020. As per the Circular, resort land rent payments for the third and fourth quarter of 2020 has been deferred until 1 June 2021. Land rent payments other than resort land rent, that fall within the period 1 June 2020 to 31 December 2020 has also been deferred until 1 June 2021.

COVID-19: Revised Deadlines for Taxes and Fees

This advisory provides an overview of the announcements by MIRA and other government authorities with respect to the new deadlines for filing and making payment of taxes and fees.

Calculating your interim payment for 2020

Income Tax Act has special rules on calculation of interim payment where a taxpayer estimates the tax liability of this year to be lower than that of the previous year. This article explains how these rules can be applied in practice.

TAT Publishes Rules on Remote Hearings

On 15 June 2020, the Tax Appeal Tribunal has published rules on how the Tribunal will carry on with online proceedings and other matter pertinent to the Tribunal's process.

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.