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: Workforce Restructuring

by Rafa Rasheed Prelude In connection with the COVID-19 pandemic, many businesses are considering, or have already reduced their workforce due to the interruption of business operations as a result of measures implemented by the government or due…

President Ratifies amendment to Anti-Human Trafficking Act

President Solih, on 29 March 2020, ratified the first amendment to the Maldives Anti-Human Trafficking Act.  The amendment brings changes to section 60(b) of the Act - composition of the National Anti-Human Trafficking Steering Committee. Prior to…

Government Introduces Stimulus Package to Aid Businesses

President Ibrahim Solih addressed the nation and the concerns of the citizens regarding the COVID-19 pandemic and its effects upon the nation. The President’s speech addressed many concerns which have been shared by citizens and enterprises operating…

COVID-19 - A Reason to Discharge Contractual Obligations?

by Mariyam Naufa   With the onset of the global public health emergency of coronavirus (COVID-19), supply chains continue to be disrupted and consumer spending has plummeted to unprecedented levels. As a result, businesses are looking…

New Income Tax Regulation published

Income Tax Regulation (Number 2020/R-21) has been published in the Government Gazette on 10 March 2020. With this, the previous Income Tax Regulation (Regulation Number 2019/R-1090) published by the MIRA on 31 December 2019 has now been repealed. Some…

Salary Board Recommends Minimum Wage to Minister

The Salary and Remuneration Advisory Board, on 20 February 2020, published a report on recommendations to the Minister of Economic Development on setting the National Minimum Wage. Based on studies conducted which focused on two approaches – the…

25th Amendment to the Goods and Services Tax Regulation Published

On 12 February 2020, the 25th Amendment to the Goods and Services Tax Regulation (Regulation Number 2011/R-43) was published in the Government Gazette. The amendment repealed Section 12(d) of the GST Regulation which defined “date of commencement…

Maldives Foreign Direct Investment Policy Published

A Foreign Direct Investment (FDI) Policy which would govern the approval guidelines in relation to foreign investments in the Maldives has been published. The new policy consolidates existing FDI approval practices and introduces new policy changes. The…

Seminar on Income Tax in Practice

CTL Strategies is conducting a full day seminar on Income Tax in Practice. The seven and a half hour seminar is designed to give participants an overview of the new Income Tax regime and will cover new concepts introduced under the Act as well as important…

Overview of the Income Tax Act

  This publication gives an overview of the Income Tax Act (“ITA”) which has commenced on 1 January 2020.  If you have any questions or wish to discuss the implications of the Act on you, please contact one of our tax advisors or drop…