Twenty Seventh Amendment to GST Regulation
On 5 November 2020, the Maldives Inland Revenue Authority published the Twenty Seventh Amendment to the Goods and Services Tax Regulation. The amendments made are as follows:
Section 30 repealed
The amendment to the Regulation repeals Section 30 – Value of supply to unrelated parties. The now repealed section authorized the MIRA to assess the value of supply for transactions undertaken between unrelated parties where the MIRA was of the opinion that the transaction was below market value.
Card Processing Services categorised as exempt services
Credit card payment processors, credit card, debit card and such types of services providers are now included under Section 35 – financial services – of the Goods and Services Tax Regulation as exempt services provided such service providers are approved by the relevant state institution.
