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…
COVID-19: An opportune to introduce Unemployment Benefit Schemes?
This write-up explores the factors useful to consider in providing unemployment benefits, challenges that may come across and the approaches in practice in other jurisdictions.
COVID-19 FAQs: Employment Matters
Here we provide answers to some of the important Frequently Asked Question on the rights employees may have in dire situations like the current COVID-19 pandemic situation.
COVID-19 FAQs: Taxes & Fees
Here we provide answers to some of the questions questions with respect to your tax affairs and how the COVID-19 pandemic would have an impact on you as a taxpayer.
When Done Right, Defamation Laws – A Necessary Curb on Free Speech
by Mariyam Naufa, Associate
Without fail, every time you make the mistake of skimming through the headlines of Maldivian news articles or slide into the political Twitter, which more often feels like a cesspool of mean teenagers on a contest to win…
Judicial Impeachment: Some Reflections and the Maldivian Context
by Nazahath Ahmed, Associate
The Independence of the Judiciary is integral to the separation of powers and rule of law. The concept is set out in the International Bar Association’s Minimum Standards of Judicial Independence (1982) and in the Basic…
BPT Treatment of Director's Remuneration
by Madeeh Ahmed, Senior Tax Advisor
The MIRA recently issued a tax ruling (TR-2019/B69 issued on 21 March 2019) which has changed its position on how director's remuneration is treated under the BPT Act in the hands of the recipient, and what constitutes…
Disputing a Tax Assessment
by Ali Naeem, Counsel
The main concern of any business these days is whether it has fully complied with the tax laws. Consequences of non-compliance can cost a lot in terms of money and other productive resources of the business. This is why…
Basic Tax and Legal Considerations When Buying a Business
by Ali Naeem, Counsel
Buying or selling a business is a complex transaction with many tax and legal variables to consider before you start negotiations and close the deal. Although the purchase terms are not solely driven by tax considerations, it…
Filing Tax Appeals and Objections: Important Considerations
by Ali Naeem, Counsel
The Tax Administration Act (TAA) lays out specific procedures to go about when you disagree with a decision made by the Maldives Inland Revenue Authority. The decisions that affect your business or tax liability are twofold -…
Implications of Tax Ruling B65 on Lawyers
by Ali Naeem, Partner
It is an often debated issue whether freelance lawyers, advisors or consultants who work for law firms should be considered as carrying out a “business” as defined in the Business Profit Tax Act. The answer to this…