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…
Constitution Amended Prohibiting Ownership of Land by Foreigners
On 23 April 2019, the fourth amendment to the Constitution of the Republic of Maldives was published in the Government Gazette, amending Article 251 of the Constitution.
The amendment, changes Article 251(a) and 251(b) and repeals Chapter 15 of the…
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…
CTL Strategies Conducts Seminar on Recent Developments in BPT and WHT
A seminar on “Recent Developments in BPT and WHT” was conducted by CTL Strategies on Saturday, 13 April 2019.
The seminar held at hotel Jen was attended by senior executives and accounting executives from tourist establishments, and major and medium…
MED Amends Import Regulations
On 28 March 2019, the third amendment to the Import, Export and Re-export of Goods Regulation was published in the Government Gazette.
As per the amendment to the Regulation, enterprises that import, export and re export are now, no longer required…
MIRA Changes Rules on Imposing BPT on Director’s Remuneration
On 21 March 2019, the MIRA published Tax Ruling TR-2019/B69 which amends Tax Ruling TR-2018/B65 (Employment Under a Contract of Service).
The ruling now classifies remuneration paid by a company to a director partnership to a partner, a trust or body…
Insight: Abdulla Shareef v MIRA
Summary
What triggers the time of supply? Can MIRA make an assessment based on information that is not provided by the taxpayer?
In the case of Abdulla Shareef v MIRA1, the Tax Appeal Tribunal, by unanimous decision, held that the MIRA’s Notice…
Construction Administration Regulation Published
On 11 March 2019, the “Construction Administration Regulation” was published in the Maldives Gazette.
The Construction Administration Regulation, formulated under the Construction Act which was promulgated on 23 April 2017, largely deals with procedural…
Seminar on Recent Developments in BPT and WHT
CTL Strategies is conducting a full day seminar on Recent Developments in BPT and WHT. The seven-hour seminar is designed to give participants an in-depth understanding of the BPT and WHT regimes, including the recent updates to those regimes via Tax…
Online Payment Rules Amended for Certain Taxpayers
On 18 February, the MIRA published Tax Ruling 2019/A-18, which makes it mandatory for certain taxpayers to make payment of Goods and Services Tax, Withholding Tax, and Business Profit Tax, via the MIRAconnect online portal or MRTGS.
The ruling makes…
Income Tax to be Introduced from 2020
President Ibrahim Mohamed Solih has announced that income tax will be levied from next year onwards.
During the presidential address given to Parliament on 7 February 2019, the President announced that income tax will be levied on high income earners.…