Gov’t Reports Progress in Stabilizing Dollar Exchange Rate
Mohamed Saeed, Maldives' Minister of Economic Development and Trade, has announced progress in stabilizing the nation's dollar exchange rate. Minister Saeed attributes...
Maldives Welcomes Over 7,000 Tourists Daily
The Maldives is enjoying a significant resurgence in tourism, with the Ministry of Tourism reporting an average of over 7,000 tourists visiting...
Amendment submitted to change duration period of Bank’s Board of Directors
Ruling Party member Jameel Usman has submitted amendments to Maldives Banking Act (24/2010).
Amendments to Article 15 (b) is a change to the duration of...
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...
New ruling by MIRA changes complimentary services rule
The Maldives Inland Revenue Authority has published a Tax Ruling (Number TR-2017/G42) on 9 October 2017 which amends Section 54 of the Goods and...
CTL Strategies Conducts Seminar on Withholding Tax for Tourism Professionals
A seminar on “Contemporary Issues on Withholding Tax in the Tourism Industry” was conducted by CTL Strategies on 12 August 2017.
The seminar held at...
Changes in the Requirements of Directors Report by Economic Ministry
The Ministry of Economic Development on 5 June 2017 published a guideline that sets out the requisite information to be included in the Directors...
Small Businesses required to submit GST return online
The Maldives Inland Revenue Authority has published a ruling on 5 June 2017 which makes it mandatory for certain businesses to submit their General...
CMDA Issues Custodian License to Bank of Mauritius
Capital Market Development Authority (CMDA) has issued a license to provide custodial services to Mauritius Commercial Bank Maldives Private Limited (MCB) today.
The license was...
384 Dormant Accounts at Bank of Ceylon Announced, Funds to be transferred to MMA...
Bank of Ceylon has identified and announced 384 accounts which have had no activity for the past 5 years, to be closed and all...
Economic Ministry Winding Up over 6000 Companies
The Ministry of Economic Development has released a list of 6349 companies for winding up, for neglecting to pay the annual fees before the...
Tourism Ministry Terminates 116 Travel Agency Permits
Ministry of Tourism has terminated the permits of 116 different travel agencies due to failure to submit their 2016 annual report.
The Ministry released an...
Scheduled Times Announced for Delivery of Water and Gas
Transport Authority of Maldives has announced specified times during the day to deliver water, gas and other goods of the same type, effective from...
Tourism Ministry Reinforces Mandate for Monthly Statistics Submissions
The Ministry of Tourism has released a circular announcing that Guesthouses and Safari Operators who fail to submit monthly statistics reports will be penalized...
BPT Return Exemption for Individuals and Deemed Partnerships
The Maldives Inland Revenue Authority has amended the Business Profit Tax Regulation exempting registered individuals and deemed partnerships who fulfill certain conditions from submitting...
Micro Businesses Not Required to Submit Auditor’s Report
The Maldives Inland Revenue Authority has brought an amendment to the Business Profit Tax Regulation exempting micro businesses from submitting an auditor’s report with...
Goods Imported on Behalf of a Third Party Subject to GST
The MIRA has published a circular concerning the GST implications for businesses that import goods on behalf of a third party.
The circular reminds...
Scope of Witholding Tax on payments to Online Travel Agents widened
Maldives Inland Revenue Authority has issued a circular instructing the taxpayers to pay withholding tax on payments made to all online travel agencies (OTAs),...
High Court Confirms TAT Ruling on Third Party Payments
The High Court of Maldives has upheld the Tax Appeal Tribunal's decision on a case which focused on the subjectivity of withholding tax on...
CTL Strategies starts publishing “Tax Alert”
Leading tax advisory firm, CTL Strategies has started a new publication called ‘Tax Alert’. This is part of their ongoing effort to keep public...
Online filing mandatory for taxpayers filing TGST and WHT returns
The MIRA, on Monday, has issued a Tax Ruling, making online filing mandatory for all taxpayers filing Tourism Goods and Services Tax and Withholding...
MED outsources Business Registration Services
The Ministry of Economic Development has partnered with 9 private sector parties, to outsource several services it offers to businesses; including registration of companies,...
Remittance tax on expatriates to be introduced
The President, on Thursday has ratified a bill that imposes a remittance tax of 3% on the money transferred abroad by expatriate workers, effective...
Maldives becoming a hub for Islamic Banking & Halal industry in South Asian region
Mostly people know about Maldives as an idyllic tropical island holiday destination, but little is known about the fact that the country is making...
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Japan Provides USD 7.6 Million Worth of Equipment to Enhance Maldives’ Maritime Humanitarian Operations
The Government of Japan has provided advanced equipment worth USD 7.6 million to strengthen maritime humanitarian operations in the Maldives. The handover...
