Year in Review 2023" is aimed at providing summaries of the key developments throughout the year in the area of civil law. Both legislative changes and some key judgments of the courts have been summarised in this regard.

On 12 October 2023, the Supreme Court delivered its judgment in Maldives Passions Pvt Ltd v MIRA - a significant case concerning the parameters of the powers of the Tax Appeal Tribunal's (“TAT”) to decide cases and order for re-audits.

On 14 January 2024, MIRA issued a Tax Ruling regarding allowable deductions related to donations. With the issuance of this Tax Ruling, effective from 1 March 2024, MIRA clarifies that only monetary donations made to State institutions or charitable organisations approved by the Commissioner General are eligible for deduction as donation expense.

On 2 January 2023, the Ministry of Tourism published a new Regulation on Governing Foreign Tourist Vessels Cruising and Harbouring in Maldivian Waters. The new Regulation introduces passenger liner permits for vessels carrying 50 or more passengers with a duration not exceeding 7 days in the Maldives. Agents of such vessels are no longer required to register the vessel as a taxable activity for GST purposes.

The Maldives Inland Revenue Authority (MIRA) has issued a crucial Tax Ruling as of 21 December 2023, outlining revised guidelines for claiming input tax within a 12-month period. This change emphasizes the necessity for businesses to adhere strictly to the input tax claiming deadlines to avoid forfeiture of tax credits, highlighting the importance of accurate and timely tax practices in compliance with the GST Act.

The Presidential Decree on Determining the Permitted Economic Activities and the Minimum Investment Threshold for Special Economic Zones was gazetted on 17 December 2023 revising the minimum investment threshold for special economic zones in Maldives.

The new Companies Act has been gazetted on 27 December 2023 and will be effective on 1 January 2024. The new Act introduces substantial changes to the company law landscape in Maldives bringing major developments that impact companies in Maldives. New compliance and regulatory requirements are also introduced under the new Act.

The Maldives Inland Revenue Authority (MIRA) has issued a crucial Tax Ruling as of 21 December 2023, outlining revised guidelines for claiming input tax within a 12-month period. This change emphasizes the necessity for businesses to adhere strictly to the input tax claiming deadlines to avoid forfeiture of tax credits, highlighting the importance of accurate and timely tax practices in compliance with the GST Act.

The First Amendment to the Tourism Boundary Regulation was gazetted on 16 November 2023 permitting lagoon boundary extensions for lagoons leased for tourism purposes and providing exemptions for the establishment of the no development zone which was previously mandated under the Tourism Boundary Regulation.