Overview of the First Amendment to the Income Tax Act

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The legislative intent of the First Amendment to the Income Tax Act has been to address the difficulties faced in implementing the Act and to further strengthen the Maldives Income Tax Regime. Among other things, the most significant additions and changes have been brought to tax exemptions, tax on offshore indirect transfers and the categorically identified payments subject to Non-resident Withholding Tax, specific to the banking, insurance, and telecommunication industry.

This Overview summarises the following key components of the Amendment that are expected to have an impact on taxpayers:

  • Group Entities
  • Income from Illicit Activities
  • Non-resident Shipping or Aircraft Operators
  • Exempt Income
  • Permanent Establishments
  • Capital Gains/Losses
  • Banks
  • Tax Returns & Payments
  • Offshore Indirect Transfers
  • Non-resident Withholding Tax
  • Transfer Pricing
  • Controlled Foreign Entities
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