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…
Year in Review 2017
This edition of Year in Review focuses on the major changes in tax rules and important regulatory changes in 2017 that impacts businesses in the Maldives. You can refer to our publications on the same rulings or changes to find out more information regarding…
The Maze of Withholding Tax
by Husam Shareef, Tax Advisor
As you may notice from the heading, the rules on payment of Withholding Tax (WHT) have become rather complex - creating a maze that you need to carefully navigate. Finding out about compliance issues during a tax audit…
Changes in Regulation Allow for Extension of Acquisition Fee Payment Period for Tourism Islands
The Ministry of Tourism, on 4 March 2018 published the 2nd Amendment to Regulation Number 2016/R-69 (Submission of Proposals for Leasing Islands, Plots of Land and Lagoons for Tourism Purposes) effectively granting an extension of the acquisition fee…
Tax Alert, 18 February 2018
This issue covers the following:
1. Changes brought to the imposition of WHT on commission paid to Online Travel Agencies. These changes are introduced via the First Amendment to the Tax Ruling TR-2013/B25.
2. New rules introduced by the Twenty-third…
New Ruling makes Construction of Social Housing Projects an Exempt Supply
The Maldives Inland Revenue Authority has published Ruling G46 on 8 February 2018 which makes the construction of housing projects under a social housing scheme, an exempt supply.
To qualify that project as an exempt supply, the GST registered party…
CTL Conducts Webinar on Recent Tax Rulings
A web-based seminar on "Recent Developments on GST and WHT" was held by CTL Strategies on 10 February 2018, which focused on some important changes to the Goods and Services Tax regime and Withholding Tax regime.
The first of it's kind conducted by a…
Important Changes to Input Tax Deduction Rules Relating to Capital Expenditure
The Maldives Inland Revenue Authority has published a Tax Ruling (Number TR-2017/G45) which amends Section 46 of the Goods and Services Tax Regulation. The Ruling introduces some important changes on rules for deducting input tax relating to capital expenditure…
CTL Strategies Highly Recommended by AsiaLaw in Maldives Taxation Matters
CTL Strategies LLP has been ranked by AsiaLaw Profiles as one of the top-tier law firms in the Maldives.
CTL Strategies has been highly recommended for their Taxation and Litigation practices and the team at CTL Strategies has been praised by their…
HPL Resorts (Maldives) Pvt Ltd v MIRA
In the case of HPL v MIRA, the Tax Appeal Tribunal held that reimbursement of expenses made under management agreements are not subject to WHT unless they are for a service specifically stated in Section 6(a) of the BPT Act.
The key point noted by the…
Calculating GST & WHT on OTA commissions
by Madeeh Ahmed, Tax Advisor
Note: Rules on the imposition of WHT on OTA commission have been changed via the amendments brought to the BPT Regulation after this blog post was published. We advise you not to rely simply on the information provided…