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…
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.…
Disputing a Tax Assessment
by Ali Naeem, Counsel
The main concern of any business these days is whether it has fully complied with the tax laws. Consequences of non-compliance can cost a lot in terms of money and other productive resources of the business. This is why…
Unsolicited Proposals Policy Introduced
On 28 January 2019, the President's Office of the Republic of Maldives published the Unsolicited Proposals Policy, which sets outs the procedures under which private sector parties can propose projects that align with the government's strategic development…
Tax Alert, 27 January 2019
This issue covers the most recent developments brought to the rules on Thin Capitalisation. Thin Capitalisation rules were initially introduced by the Maldives Inland Revenue Authority (MIRA) on 26 April 2018, via Tax Ruling TR-2018/B64.
The new rules,…
MIRA Amends Thin Cap Rules
On 27 December 2018, the MIRA issued Ruling B68 which amends Thin Capitalisation rules issued by the MIRA via Ruling B64.
Ruling B64, introduced back in 26 April 2018, concerns thin capitalisation rules with respect to the deduction of interest payments…
Year in Review 2018
Our "Year in Review 2018" summarises the crucial regulatory developments in 2018. 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…