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…

Guide on Managing Tax Audits

Tax audits conducted by the Maldives Inland Revenue Authority (MIRA) loom over virtually every business operating in the Maldives. The Examination of your accounts and financial affairs tends to be a time-consuming and arduous process which may remove…

Tax Alert, 8 December 2016

This issue covers the following developments: 1. Publication of the Salary Enforcement Regulation, which prescribed crucial rules for the implementation of Remittance Tax 2. Nineteenth Amendment to the GST Regulation: New rules on time of supply 3.…

Tax Alert, 3 October 2016

This issue covers the following changes to tax laws: 1. Green Tax on guesthouses: Guesthouses to charge Green Tax from 1 October 2016. 2. Publication of Remittance Tax Regulation: Summary of the key aspects of the Remittance Tax Regulation.   Download…

Tax Alert, 28 August 2016

This issue covers the following changes to tax laws: 1. Changes to imposition of Withholding Tax: Tax is imposed on accrued payments as well. 2. Tax Ruling on GST treatment of imported goods: GST is to be charged on imported goods upon sale or transfer. 3.…

our first publication, "Insight", is out

We have started publishing "Insight" - a periodical  focused on contemporary tax and legal issues. Insight will bring to you information and analysis of the application of laws as well as updates of cases. The first issue is focused on the decision…

Aishath Asima v MIRA

The Tax Appeal Tribunal (TAT) has held that a payment may be subject to Withholding Tax even if it is made by a person other than the taxpayer and are not recorded in the taxpayer's books. In reaching its decision, the TAT noted that expenses paid…