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…

Insight: ADK Enterprises v MIRA

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Summary On what basis should capital allowance be claimed for assets held at the commencement of the BPT Act? In the case of ADK Enterprises v MIRA1, the Tax Appeal Tribunal (“TAT”), by unanimous decision, has held that companies must claim capital…

Insight: Traders Hotel v MIRA

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Summary Sale of assets or a business combination? Is acquisition of leasehold rights eligible for capital allowance? In the case of Traders Hotel v MIRA1, the Tax Appeal Tribunal (“TAT”), by unanimous decision, upheld the decision of the MIRA…

Overview of Income Tax Bill

This publication gives an overview of the Income Tax Bill submitted to the Parliament by the Government of Maldives on 15 October 2019. The Parliament has commenced debate on the Bill, and is expected to bring changes to the Bill, before voting…

Tax Alert, 15 October 2019

This issue covers the major changes that came into force with the ratification of the Second Amendment to the Tax Administration Act1 on 12 September 2019. Some of the key changes brought by the Amendment include: Imposition of a statutory limitation…

Insight: Medianet Pvt Ltd v MIRA

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Summary The phrase “other property” in Section 6(a)(1) of the BPT Act should be construed to include only tangible property In the case of Medianet v MIRA1, the Tax Appeal Tribunal ("TAT"), by a majority decision of four to one, held that channel…

Insight: Abdulla Shareef v MIRA

Summary What triggers the time of supply? Can MIRA make an assessment based on information that is not provided by the taxpayer? In the case of Abdulla Shareef v MIRA1, the Tax Appeal Tribunal, by unanimous decision, held that the MIRA’s Notice…

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,…

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…

Foreign Investment Procedure & Considerations

Foreign enterprises looking to invest in the Maldives are required to register their enterprise in the Maldives prior to commencing operations. Registering a foreign enterprise entails following a set of procedural rules, in the correct order, and complying…

Tax Alert, 20 June 2018

This issue covers the following: 1. Thin capitalisation rules introduced through Tax Ruling B64. 2. Attributes of employment under a contract of service explained in Tax Ruling B65 3. Fifteenth amendment to the BPT Regulation: repealing of rules…