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Updates
New Guidelines on Acquisition Costs Payable under Boundary Regulation
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…
Top Court Rules in Favor of Villa in Lease Termination Case
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…
Major Changes to Framework of MIRA Registered Auditors
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…
Customs Guidelines Allow for Cargo to be Offloaded at Resorts Under Development
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…
Year in Review 2017
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…
Changes in Regulation Allow for Extension of Acquisition Fee Payment Period for Tourism Islands
The Ministry of Tourism, on 4 March 2018 published the 2nd Amendment to Regulation Number 2016/R-69 (Submission of Proposals for Leasing Islands, Plots of Land and Lagoons for Tourism Purposes) effectively granting an extension of the acquisition fee…
New Ruling makes Construction of Social Housing Projects an Exempt Supply
The Maldives Inland Revenue Authority has published Ruling G46 on 8 February 2018 which makes the construction of housing projects under a social housing scheme, an exempt supply.
To qualify that project as an exempt supply, the GST registered party…
CTL Conducts Webinar on Recent Tax Rulings
A web-based seminar on "Recent Developments on GST and WHT" was held by CTL Strategies on 10 February 2018, which focused on some important changes to the Goods and Services Tax regime and Withholding Tax regime.
The first of it's kind conducted by a…
Important Changes to Input Tax Deduction Rules Relating to Capital Expenditure
The Maldives Inland Revenue Authority has published a Tax Ruling (Number TR-2017/G45) which amends Section 46 of the Goods and Services Tax Regulation. The Ruling introduces some important changes on rules for deducting input tax relating to capital expenditure…
CTL Strategies Highly Recommended by AsiaLaw in Maldives Taxation Matters
CTL Strategies LLP has been ranked by AsiaLaw Profiles as one of the top-tier law firms in the Maldives.
CTL Strategies has been highly recommended for their Taxation and Litigation practices and the team at CTL Strategies has been praised by their…