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…
New Tax Payment Deadlines Announced
The MIRA announced, on 15 June 2020, the commencement of services of the Taxpayer Service Centre from 5 July onwards, and new deadlines for filing tax returns and payment of taxes, and other fees and charges.
Selling a land or property? Know your tax implications
From 1 January 2020 onwards, with the commencement of the Income Tax Act (ITA), land sales tax has been repealed and sale of properties will continue to be taxed under the Capital Gains Tax regime under the ITA.
Transfer Pricing Regulation Published
The Regulation governs and implements the requirements on transfer pricing imposed under Section 68 of the Income Tax Act (Law Number 25/2019).
Overview of the Public Health Emergency Bill 2020
This publication gives an overview of the Public Health Emergency Bill 2020 submitted to the People's Majlis on 29 May 2020.
Tax Implications of the Employee’s Income Tax Borne by the Employer
Some employers may decide to pay income tax on behalf of the employee. In some jurisdictions, such tax payments made by the employer are not considered as a taxable benefit. The case, however, is not the same in the Maldives. This article illustrates how this applies in practice, and how it affects the tax liability of the employee.
Tourism Establishments to Register with an Online Portal
Regulation on Collection of Information for the Compilation of Tourism Statistics, which provides for the collection of tourism-related information and rules on how that information would be utilized, has been published in the government gazette
Public Health Emergency Bill 2020 Submitted to Parliament
The Public Health Emergency Bill 2020 submitted by the government broadly aims to ensure housing protections, rights of employees, and address financial assistance and tax reliefs to counteract the impact of the #COVID19 pandemic.
Webinar on Tenancy Bill
The webinar is targeted at tenants, landlords, property developers and managers. The duration of the webinar is expected to be 45 minutes. It will take place on 4 June 2020 at 9:00 pm.
Tourism Land Rent for the Next two Quarters to be Deferred
On 20 May 2020, President Ibrahim Mohamed Solih, during a public address, announced the government's intention to defer land lease payments for tourist resorts for a six month period.
COVID-19 and Voluntary Liquidation
COVID-19 pandemic may force some companies to file for liquidation. This article summarises the procedures to be followed in such a voluntary liquidation.