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…
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…
The Maze of Withholding Tax
by Husam Shareef, Tax Advisor
As you may notice from the heading, the rules on payment of Withholding Tax (WHT) have become rather complex - creating a maze that you need to carefully navigate. Finding out about compliance issues during a tax audit…
Calculating GST & WHT on OTA commissions
by Madeeh Ahmed, Tax Advisor
Note: Rules on the imposition of WHT on OTA commission have been changed via the amendments brought to the BPT Regulation after this blog post was published. We advise you not to rely simply on the information provided…
Surcharges Not in Purview of Tax Rules Supreme Court
by Fathuhulla Ismail, Counsel
Supreme Court of the Maldives on 20 March 2017 has decided ADK Trade and Shipping Pvt Ltd v State (Maldives Customs Services), its case number 2015/SC-A/10.
The case decided the effect and application of…
Apex Court Upholds Prospective Application of Law in Civil Matters
by Fathuhulla Ismail, Counsel
The Elections Commission of the Maldives filed a case with the Supreme Court against Fareedha Umar, a candidate of Jumhooree Party for the Local Council Elections, seeking to annul her candidacy.
The subject…