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…
Tax Alert, 24 November 2022
This issue is focused on the Sixth Amendment to the GST Act (Law Number 20/2022).
The major change introduced via the Amendment is the change in GST rates that is to come into effect from 1 January 2023.
MIRA v Dhivehiraajjeyge Gulhun Plc [2022] SC 41
A case whereby the Supreme Court clarified the rules on calculation of time limits for filing appeals of tax disputes.
Common compliance issues with Employee Withholding Tax
In this blog post, our partner and senior tax advisor Hamdhulla Hussain, focuses on analysing the practical issues faced by taxpayers in valuing benefits in kind and puts emphasis on the importance of providing clarity around the boundary between what constitutes taxable remuneration.
Overview of the Proposed Tax on Plastic Bags
With the purpose of reducing the negative environmental impacts caused by plastic waste, the Waste Management Bill proposes a tax equivalent to MVR 2 to be collected from plastic bags at points of sale. Our overview provides a summary of the proposed mechanism on the collection and administration of this tax.
Fourth Amendment to the Income Tax Regulation
This Advisory summarises the key aspects of the Fourth Amendment to the Income Tax Regulation gazetted by the Maldives Inland Revenue Authority on 17 May 2022.
Basics of Claiming Input Tax on Capital Expenditure
In this series of Articles, our senior associate Hassan Shah, takes on a critical view on the complexity of the GST rules surrounding input tax in relation to capital expenditure and untangles it for you to walk you through its basics & computation.
Pay As You Earn (PAYE): A Guide to Getting Started
This publication gives an overview of the Pay As You Earn (PAYE) system under the Income Tax Act which imposes Employee Withholding Tax from 1 April 2020.
Overview of the Tourism Land Rent Regulation
This Overview covers the key areas of the Tourism Land Rent Regulation which was published in the Government Gazette on 27 February 2022
Claiming income tax refund under the current PAYE mechanism
In this article, our associate Ali Muraadh takes on an analytical view on the ‘simple PAYE mechanism’ adopted in the Maldives and the impact it has on employees, including the potential eligibility for a tax refund.
Enforcement Policies of MIRA
This Advisory summarises the key aspects of the recent enforcement policies published by the MIRA.