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Updates
MIRA Calls Upon Taxpayers That Do Not Meet Registration Requirements to Deregister
The MIRA has issued announcements requesting taxpayers who do not fulfil tax registration requirements under the Tax Administration Act, or GST registration requirements to deregister from tax.
The announcement, issued on 16 January 2019, reminds…
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…
MIRA Amends Thin Cap Rules
On 27 December 2018, the MIRA issued Ruling B68 which amends Thin Capitalisation rules issued by the MIRA via Ruling B64.
Ruling B64, introduced back in 26 April 2018, concerns thin capitalisation rules with respect to the deduction of interest payments…
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…
Ruling G47 Explains Types of Feminine Sanitary Products
On 10 December 2018, Tax Ruling G47 was published in the government gazette which amends Section 40 of the Goods and Services Tax Regulation.
Following the fifth amendment to the GST Act on 3 December 2018, sanitary napkins, tampons, menstrual cups…
Feminine Sanitary Products Zero Rated
On 3 December 2018, the fifth amendment to the Goods and Services Tax Act was published in the Gazette, which introduced feminine sanitary products to the zero-rated schedule.
Effective from 3 December 2018, all Sanitary napkins, tampons, menstrual…
Channel Licensing Fees Not Subject to WHT
On 24 October 2018, the Tax Appeal Tribunal decided, by way of majority decision, in favor of the Appellant, Medianet Pvt Ltd - the largest cable TV operator in Maldives - and set an important precedent with respect to the interpretation of Section 6(a)(1)…
Basic Tax and Legal Considerations When Buying a Business
by Ali Naeem, Counsel
Buying or selling a business is a complex transaction with many tax and legal variables to consider before you start negotiations and close the deal. Although the purchase terms are not solely driven by tax considerations, it…
Interest Paid to Lease Finance Companies Fully Deductible
On 8 November, the MIRA issued Tax Ruling B67 which deals with approved banks and financial institutions for BPT purposes.
The new ruling, which supersedes Tax Ruling B2 which was published back on 20 March 2012, now considers Housing Finance Companies,…
New Conditions on Releasing Frozen Bank Accounts of Taxpayers
On 6 November, the MIRA published the second amendment to its Enforcement Policy, amending bank account release conditions, and introduced a new schedule for instalment payments granted to small businesses to pay outstanding taxes and fines.
The amendment…