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…

CTL Strategies ranked in the Chambers Global Guide 2024

CTL Strategies has been ranked in the Chambers Global Guide 2024, published by Chambers and Partners. This marks the firm’s fourth consecutive year of recognition in Chambers Global Guide within the General Business Law category.

Maldives Passions Pvt Ltd v MIRA [2023] SC 39

On 12 October 2023, the Supreme Court delivered its judgment in Maldives Passions Pvt Ltd v MIRA - a significant case concerning the parameters of the powers of the Tax Appeal Tribunal's (“TAT”) to decide cases and order for re-audits.

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…