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.

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.

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.

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.

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.

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 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.

Maldives Inland Revenue Authority has issued a regulation detailing the information submission requirements for developers and investors in Special Economic Zones

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.