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…

Overview of the Foreign Currency Act

The Foreign Currency Act, effective from 1 January 2025, builds on the framework of the initial Foreign Currency Regulation, maintaining the key rules and controls over foreign currency income and transactions while also introducing specific modifications.

Private Companies Regulation

The Private Companies Regulation formulated by the Ministry of Economic Development and Trade under the Companies Act was published and came into effect on 10th October 2024. The Regulation details compliance requirements included in the Act applicable to private companies in Maldives.

Regulation on Foreign Currency

The MMA’s new Regulation on Foreign Currency came into effect on 1 October 2024 introducing significant new rules and controls over incomes received in foreign currency and foreign currency transactions

Year in Review 2023

Year in Review 2023" is aimed at providing summaries of the key developments throughout the year in the area of civil law. Both legislative changes and some key judgments of the courts have been summarised in this regard.

Tax Exemptions in the Maldives

The guide briefly looks at tax and import duty exemptions currently in place in the Maldives. It outlines the regulatory requirements for such exemptions, including application processes, prerequisites, compliance requirements, and circumstances for exemption termination.

Overview of the Maldives-UAE DTA

This overview provides a brief analysis of the Maldives-UAE DTA. The key provisions of the DTA will be looked at, including the implications it has on enterprises attempting to make use of the treaty.

Year in Review 2022

Our "Year in Review 2020" provides brief summaries of the key legal and tax developments through the year 2020, as the Maldives navigated its way through the COVID-19 pandemic. Some of the issues have also been addressed to in blog posts by our lawyers and tax advisors, and in a variety of our publications.

Overview of the Proposed Tax on Plastic Bags

With the purpose of reducing the negative environmental impacts caused by plastic waste, the Waste Management Bill proposes a tax equivalent to MVR 2 to be collected from plastic bags at points of sale. Our overview provides a summary of the proposed mechanism on the collection and administration of this tax.