MIRA Calls Upon Taxpayers That Do Not Meet Registration Requirements to Deregister
The MIRA has issued announcements requesting taxpayers who do not fulfil tax registration requirements under the Tax Administration Act, or GST registration requirements to deregister from tax.
The announcement, issued on 16 January 2019, reminds…
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…
Overview of the Foreign Currency Act
The Foreign Currency Act, effective from 1 January 2025, builds on the framework of the initial Foreign Currency Regulation, maintaining the key rules and controls over foreign currency income and transactions while also introducing specific modifications.
IFRS 16 Adoption: Key Tax Considerations for Lessees in the Maldivian Context
This blog article examines the adoption of IFRS 16 and the resulting mismatches between the tax and accounting treatments for lessees, along with its associated tax implications.
Seminar on Navigating Tax and Legal Developments in the Maldives Tourism Sector
CTL Strategies is conducting a full-day seminar on the evolving tax and legal landscape impacting the tourism sector in the Maldives. The seminar is designed to provide participants with crucial insights into the latest regulatory developments and practical guidance on how to remain compliant with the new developments.
Private Companies Regulation
The Private Companies Regulation formulated by the Ministry of Economic Development and Trade under the Companies Act was published and came into effect on 10th October 2024. The Regulation details compliance requirements included in the Act applicable to private companies in Maldives.
Regulation on Foreign Currency
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
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.
Year in Review 2023
Year in Review 2023" is aimed at providing summaries of the key developments throughout the year in the area of civil law. Both legislative changes and some key judgments of the courts have been summarised in this regard.
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.
High Court Sets Precedent - Courts to Appoint A Litigation Friend To Represent Children and Protected Persons At Civil Proceedings
In the recent judgment of the High Court in Re Aishath Zaeema, the High Court established a pivotal precedent that is set to have huge implications on the rights of children and other protected persons who lack the capacity to represent themselves at court proceedings.
Policy on Recovery of Tax from Third Parties
The Policy on Recovery of Tax from Third Parties outlines the procedures through which MIRA can recover unpaid taxes, fines or other outstanding payments from third-parties as specified in Section 47 of the Tax Administration Act.