Latest
Updates
Regulation on Registrations Under the Foreign Currency Act
The Regulation on Registrations Under the Foreign Currency Act was gazetted on 9 January 2025. The Regulation establishes the procedural requirements and administrative process for the registrations required under the Foreign Currency Act.
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.
IFRS 16 Adoption: Key Tax Considerations for Lessees in the Maldivian Context
This blog article examines the adoption of IFRS 16 and the resulting mismatches between the tax and accounting treatments for lessees, along with its associated tax implications.
Foreign Currency Bill Submitted To Parliament
The MMA has published a Foreign Currency Bill for public consultation on 26 November 2024. The Bill largely mirrors the current Regulation, maintaining foreign currency deposit and conversion requirements with some modifications.
Seminar on Navigating Tax and Legal Developments in the Maldives Tourism Sector
CTL Strategies is conducting a full-day seminar on the evolving tax and legal landscape impacting the tourism sector in the Maldives. The seminar is designed to provide participants with crucial insights into the latest regulatory developments and practical guidance on how to remain compliant with the new developments.
MMA Publishes a New Foreign Currency Bill
The MMA has published a Foreign Currency Bill for public consultation on 26 November 2024. The Bill largely mirrors the current Regulation, maintaining foreign currency deposit and conversion requirements with some modifications.
Third Amendment to the Green Tax Regulation Published by MIRA
On 25 November 2024, MIRA published the Third Amendment to the Green Tax Regulation. This amendment follows the doubling of the Green Tax rate and the exemption from Green Tax granted to toddlers under the age of 2, as introduced by the 14th Amendment to the Tourism Act.
MIRA Publishes 31st Amendment to the GST Regulation
MIRA has published the 31st Amendment to the GST Regulation. This Amendment primarily introduces rules applicable to supplies made by cafes operated in a tourist establishment that cater exclusively to employees.
MIRA Issues Regulation on Information Submission for Special Economic Zone Developers and Investors
Maldives Inland Revenue Authority has issued a regulation detailing the information submission requirements for developers and investors in Special Economic Zones
Tax Rates Increased Following Ratification of New Amendments
The rates for the TGST, Green Tax and Airport Taxes and Fees have been increased following the ratification of several key amendments today 5 November 2024. This is part of the government’s fiscal strategy aimed at reducing budget deficits and boosting foreign currency inflows.