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…

Foreign Investment Opportunities in the Maldives

It is important to enlist the help of skilled counsel with experience in legal, administrative and, tax requirements when foreign investors establish themselves in the Maldives as their choice of business structure can have different tax and legal implications.…

New Ruling Changes Complimentary Services Rules

The Maldives Inland Revenue Authority has published a Tax Ruling (Number TR-2017/G43) on 9 October 2017 which amends Section 54 of the Goods and Services Tax Regulation to allow complimentary supplies without any imposition of GST for a period of 7 days. Prior…

High Court Rules Laamu Asseyri Project Contract Void

The High Court, on 4 October 2017, struck down the lower court’s decision to enforce a contract between J Hotels and Resorts Private Limited and the State. In the case decided by the Civil Court in favor of J Resorts, it was held that there was in…

CTL Strategies Concludes Second Annual Corporate Retreat

CTL Strategies has concluded their second annual corporate retreat on 1st October 2017. The 4-day corporate retreat of CTL strategies was held on Fulhadhoo island, which lies on the outer rim of Baa Atoll – well known for its wealth of unique sea-life…

CTL Strategies Appointed as Gold 100 Evaluators

CTL Strategies LLP has been appointed as the evaluators of Gold 100, 2017. Gold 100, which is a feature on the leading business enterprises in Maldives and published in Corporate Maldives - a premium business and hospitality magazine - undergoes a…

Tax Alert, 17 SEPTEMBER 2017

This issue covers the following: 1.Tax Ruling G42, which amends the GST registration requirements for taxable activities in the general sector, which are run by a person having taxable activities also in the tourism sector. 2. Limitations on claiming…

Focus, 17 SEPTEMBER 2017

This first issue of Focus is on the requirements of the Directors' Report that has to be submitted under the Companies Act of the Maldives (Law Number 10/96). The information listed is compiled from an information sheet published by the Ministry of…

Mandatory General GST Registration for Tourism GST Registrants

The Maldives Inland Revenue Authority has published Ruling G42 on 7 September 2017 which amends Section 11 of the Goods and Services Tax Regulation. The amended Section 11 requires persons who are already registered for Tourism GST to register for…