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…
MIRA Implements Changes to Enforcement Policies
On 20 October 2024, MIRA implemented notable changes to its enforcement policies through amendments to the General Enforcement Policy, Policy on Accessing Bank Account Information and Freezing Bank Accounts and the Name and Shame Policy.
Regulation on Registration of Foreign Companies
The Regulation on Registration of Foreign Companies was gazetted on 10 October 2024 to come into force with immediate effect. The Regulation details the application process for the re-registration of foreign companies, along with compliance requirements applicable to them.
Regulation on Money Changing Businesses
On 1 October 2024, the Regulation on Money Changing Businesses was published by the Maldives Monetary Authority coming into immediate effect. The Regulation updates the rules surrounding the issuance of money changing licences to businesses and seeks to strengthen the efforts of the MMA with regards to supervision of such businesses.
Regulation on Foreign Currency
The MMA’s new Regulation on Foreign Currency came into effect on 1 October 2024 introducing significant new rules and controls over incomes received in foreign currency and foreign currency transactions
The New Foreign Investment Act Ratified
The new Foreign Investment Act (Act Number 11/2024) (the “Act”) was ratified on 3 September 2024 introducing significant new rules to the foreign investment framework of the Maldives. The Act will come into effect on 3 December 2024 and will repeal the Maldives Foreign Investment Act of 1979.
First Amendment to the Companies Act
The First Amendment to the Companies Act (Act Number 18/2024) (the “First Amendment”) was ratified on 18 September 2024.
Notably, the First Amendment revised the time frames within which companies incorporated in Maldives must convene extraordinary general meetings (EGMs).
Income Tax Regulation amended requiring more taxpayers to pay their taxes in US Dollars
This amendment introduces significant changes concerning the payment currency for taxes imposed under the Income Tax Act, and the presentation currency of tax returns. These changes include:
13th Amendment to the Tourism Act ratified into law
The 13th Amendment (the “13th Amendment”) to the Maldives Tourism Act (Act Number 2/99) (the “Act”) has been ratified by the President of the Republic of Maldives on 29 August 2024 introducing changes to the lease extension payment periods set out in the Act.
Third Amendment to Country-by-Country Reporting Regulation Published
The Third Amendment to the CbCR Regulation ends the temporary suspension of filing requirements for Constituent Entities that are not the UPEs of their respective MNE groups.
CTL Strategies ranked in the Chambers Global Guide 2024
CTL Strategies has been ranked in the Chambers Global Guide 2024, published by Chambers and Partners. This marks the firm’s fourth consecutive year of recognition in Chambers Global Guide within the General Business Law category.