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.
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.
MMA Publishes a New Foreign Currency Bill
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.
Third Amendment to the Green Tax Regulation Published by MIRA
On 25 November 2024, MIRA published the Third Amendment to the Green Tax Regulation. This amendment follows the doubling of the Green Tax rate and the exemption from Green Tax granted to toddlers under the age of 2, as introduced by the 14th Amendment to the Tourism Act.
MIRA Publishes 31st Amendment to the GST Regulation
MIRA has published the 31st Amendment to the GST Regulation. This Amendment primarily introduces rules applicable to supplies made by cafes operated in a tourist establishment that cater exclusively to employees.
MIRA Issues Regulation on Information Submission for Special Economic Zone Developers and Investors
Maldives Inland Revenue Authority has issued a regulation detailing the information submission requirements for developers and investors in Special Economic Zones
Tax Rates Increased Following Ratification of New Amendments
The rates for the TGST, Green Tax and Airport Taxes and Fees have been increased following the ratification of several key amendments today 5 November 2024. This is part of the government’s fiscal strategy aimed at reducing budget deficits and boosting foreign currency inflows.
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.