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 Maldives-Bangladesh DTA
The overview on the Maldives-UAE Double Tax Agreement will examine the key provisions of the DTA and the implications it has for businesses seeking to benefit from the treaty.
15th Amendment to the Maldives Tourism Act
The 15th Amendment to the Maldives Tourism Act was ratified on 19 March 2025 introduces key changes to resort lease extension fees, compliance codes, advertising standards, and property closure procedures for redevelopment.
MIRA Proposes Significant Changes to Income Tax Regulation
The Maldives Inland Revenue Authority has published the draft of the Sixth Amendment to the Income Tax Regulation for public consultation. This Amendment introduces several key changes that could significantly affect businesses operating in the Maldives.
Bunny Holdings (BVI) Ltd v MIRA [2024] SC 55
In the case of Bunny Holdings (BVI) Limited v MIRA, the Supreme Court ruled that long-term villa leases in a tourist resort under strata basis involve the transfer of rights from a contract or law, placing them outside the scope of the GST Act.
General Regulation on Foreign Currency
The Maldives Monetary Authority has gazetted the General Regulation on Foreign Currency. The Regulation further details on key aspects of the Foreign Currency Act, including mandatory currency conversion obligation routes, procedures for filing concession requests from conversion obligations, and the framework for implementing penalties under the Foreign Currency Act.
Regulation on Registrations Under the Foreign Currency Act
The Regulation on Registrations Under the Foreign Currency Act was gazetted on 9 January 2025. The Regulation establishes the procedural requirements and administrative process for the registrations required under the Foreign Currency Act.
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.
Foreign Currency Bill Submitted To Parliament
The MMA has published a Foreign Currency Bill for public consultation on 26 November 2024. The Bill largely mirrors the current Regulation, maintaining foreign currency deposit and conversion requirements with some modifications.
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.