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…
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…
Maldives Energy Act
The law introduces a new licensing regime to regulate the energy sector of Maldives and repeals the Utility Services Act
Maldives and Bangladesh Signs Double Tax Avoidance Agreement
On 23 December 2021, the Maldives and Bangladesh signed a Double Tax Avoidance Agreement (DTAA).The signing took place during a ceremony held in the President's Office.
Establishment of a Minimum Wage
This Advisory summarises the imperative aspects of the Minimum Wage Order gazetted by the Ministry of Economic Development on 8 November 2021.
The Maldives signs the Convention on Mutual Administrative Assistance in Tax Matters
The Maldives is now a signatory to the Convention on Mutual Administrative Assistance in Tax Matters (MAAC). The signing took place on 11 August 2021, at the ceremony held at OECD Headquarters in Paris.