On 20 October 2024, MIRA implemented notable changes to its enforcement policies through amendments to the General Enforcement Policy, Policy on Accessing Bank Account Information and Freezing Bank Accounts and the Name and Shame Policy.
The Regulation on Registration of Foreign Companies was gazetted on 10 October 2024 to come into force with immediate effect. The Regulation details the application process for the re-registration of foreign companies, along with compliance requirements applicable to them.
On 1 October 2024, the Regulation on Money Changing Businesses was published by the Maldives Monetary Authority coming into immediate effect. The Regulation updates the rules surrounding the issuance of money changing licences to businesses and seeks to strengthen the efforts of the MMA with regards to supervision of such businesses.
The MMA’s new Regulation on Foreign Currency came into effect on 1 October 2024 introducing significant new rules and controls over incomes received in foreign currency and foreign currency transactions
The new Foreign Investment Act (Act Number 11/2024) (the “Act”) was ratified on 3 September 2024 introducing significant new rules to the foreign investment framework of the Maldives. The Act will come into effect on 3 December 2024 and will repeal the Maldives Foreign Investment Act of 1979.
The 13th Amendment (the “13th Amendment”) to the Maldives Tourism Act (Act Number 2/99) (the “Act”) has been ratified by the President of the Republic of Maldives on 29 August 2024 introducing changes to the lease extension payment periods set out in the Act.
The Third Amendment to the CbCR Regulation ends the temporary suspension of filing requirements for Constituent Entities that are not the UPEs of their respective MNE groups.
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.
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.
On 14 January 2024, MIRA issued a Tax Ruling regarding allowable deductions related to donations. With the issuance of this Tax Ruling, effective from 1 March 2024, MIRA clarifies that only monetary donations made to State institutions or charitable organisations approved by the Commissioner General are eligible for deduction as donation expense.