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…

The Maldives Inland Revenue Authority (“MIRA”), on 5 April 2018 published Tax Ruling B-63 (Submission of Financial Statements and Appointment of Auditors) which supersedes Ruling B-57 and changes some requirements for auditor registration and renewal…

The Maldives Customs Service, on 29 March 2018, published guidelines for offloading imported goods directly to tourist resorts undergoing development. The guidelines, which are in effect from 1 April 2018 to 31 December 2020, allow new resorts which…

This edition of Year in Review focuses on the major changes in tax rules and important regulatory changes in 2017 that impacts businesses in the Maldives. You can refer to our publications on the same rulings or changes to find out more information regarding…