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 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previous Income Tax Regulation (Regulation Number 2019/R-1090) published by the MIRA on 31 December 2019 has now been repealed.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The amendment repealed Section 12(d) of the GST Regulation which defined “date of commencement…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…
Photo by Tim Mossholder on UnsplashFirst Amendment to Business Registration Act Commences
On 5 January 2020, the Ministry of Economic Development issued an announcement regarding the commencement and operation of the First Amendment to the Business Registration Act.
As per the Ministry’s announcement, the businesses are no longer required…
Year in Review 2019
Our “Year in Review 2019” summarises the crucial regulatory developments in 2019. For ease of reference, these are categorised and labelled as “tax” and “legal” developments. Most of these developments are already explained in further detail in the several publications we made during the year. Some of the issues have also been addressed to in Blog posts by our lawyers and tax advisors.
When Done Right, Defamation Laws – A Necessary Curb on Free Speech
by Mariyam Naufa, Associate
Without fail, every time you make the mistake of skimming through the headlines of Maldivian news articles or slide into the political Twitter, which more often feels like a cesspool of mean teenagers on a contest to win…
President ratifies Income Tax Bill into law
On 17 December 2019, President Ibrahim Mohamed Solih has ratified the Income Tax Bill into law. The Income Tax Act, marks the introduction of tax on personal income and introduces several important changes to the tax regime of the Maldives.
The Act,…