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…

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,…

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…

On 23 October 2018, a three member bench of the Tax Appeal Tribunal unanimously decided in favor of a taxpayer citing MIRA’s failure to follow the procedure stipulated in law when collecting information for an assessment. The Appellant, Abdulla…

by Ali Naeem, Counsel The Tax Administration Act (TAA) lays out specific procedures to go about when you disagree with a decision made by the Maldives Inland Revenue Authority. The decisions that affect your business or tax liability are twofold -…

by Ali Naeem, Partner   It is an often debated issue whether freelance lawyers, advisors or consultants who work for law firms should be considered as carrying out a “business” as defined in the Business Profit Tax Act. The answer to this…

CTL Strategies is conducting a full day seminar on Tax Audits and Appeals. The six-hour seminar is designed to give participants an in-depth understanding of the audit process, including the steps leading up to the audit process, such as some considerations…

The Tourism Ministry, on 7 May 2018, published a guideline specifying the acquisition cost payable under Section 3(b)2(iii) of Regulation Number 2012-R7 (Boundary Regulation). As per Section 2(a), the guideline indicates that the acquisition cost for…

On 18 April 2018, the Supreme Court of Maldives decided in favor of Villa Shipping and Trading Company Private Limited and several companies related to Villa, following a prolonged dispute originating in 2015 regarding the lease of tourism islands. The…