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…
Claiming income tax refund under the current PAYE mechanism
In this article, our associate Ali Muraadh takes on an analytical view on the ‘simple PAYE mechanism’ adopted in the Maldives and the impact it has on employees, including the potential eligibility for a tax refund.
Enforcement Policies of MIRA
This Advisory summarises the key aspects of the recent enforcement policies published by the MIRA.
Third Amendment to the Income Tax Regulation
This Advisory summarises the key aspects of the Third Amendment to the Income Tax Regulation gazetted by the Maldives Inland Revenue Authority on 19 October 2021.
Fifth Amendment to the Grant of Rights Regulation
The Amendment introduces revisions to the regulatory fees charged by the Ministry of Tourism (MOT) in relation to transfer of rights of tourist resorts
Regulation on Payment Services
The Regulation details the regulatory framework for the licensing and operation of payment services. while also introducing role and responsibilities of custodian banks.
CTL Strategies ranked in the 2022 edition of Chambers and Partners
CTL Strategies has now been ranked by Chambers and Partners for two consecutive years. The new ranking in Band 2, marks an upgrade for the firm with the firm moving from Band 3 within two years.
National Payment System Act
The National Payment System Act which regulates the operation of payments systems, clearing systems, settlement systems and payment services.
Regulation on the Classification of SMEs
The Regulation provides further details on the registration and classification of SMEs.
Fourth Amendment to the Regulation on the Operation of Guesthouses
The Fourth Amendment to the Regulation on the Operation of Guesthouses was published on 30 December 2021, beginning a new chapter for Maldivian tourism sector. Under the Amendment, it is now permitted to establish homestay tourist guesthouses in residential…
