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...
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...
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...
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...
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...
CTL Strategies LLP – Tax Advisory Services Specialists in the Maldives
CTL Strategies LLP is a firm specialised in providing tax and legal advisory services to businesses. CTL Strategies offers a comprehensive range of tax and legal advisory...
MIRA to collect Green Tax from Guesthouses starting 1st October 2016
Guesthouses will be charged Green Tax on tourists for each day of their stay starting from 1 October 2016, under the eighth amendment to...
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...
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...
Tax Ruling issued by MIRA on the GST treatment of imported goods
A Tax Ruling has been issued by the Maldives Inland Revenue Authority (MIRA) on 8 August 2016 clarifying the GST treatment of imported goods....
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,...
MIRA to introduce Advance Pricing Agreements
The Maldives Inland Revenue Authority (MIRA) has announced that Advance Pricing Agreements (APAs) between taxpayers and MIRA will be introduced this year. This announcement...
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),...
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...
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...
Collected revenue until end of May is MVR 1.14 billion
MIRA has collected MVR 1.14 billion as revenue in May 2016. This amount is 19.6% more than the amount collected in May 2015. Also...
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...
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...
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...
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...
Over 3000 businesses registered for tax last year
Maldives Inland Revenue Authority (MIRA) has revealed that over 3000 new businesses had been registered just last year in the tax registry. The annual...
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...
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...
MMA publishes a regulation on fees & charges payable by financial institutions
Maldives Monetary Authority has published a regulation on fees & charges payable by financial institutions. This Regulation is issued pursuant to Section 37 and 38...
LATEST ARTICLES
The Maldives’ First Gated Community: A Glimpse into Aséria
The Maldives is entering a new era of residential living with the introduction of Aséria Homes and Townhouses. Situated at the northeastern...
New Foreign Currency Rules to Take Effect in January 2025
The Maldives' Foreign Currency Act, ratified on 14 December 2024, will come into force on 1 January 2025, introducing comprehensive measures to regulate...
Asma Shafeeu Appointed as Commissioner of Reform at Finance Ministry
The Ministry of Finance has appointed Asma Shafeeu as the Commissioner of Reform, a newly introduced role aimed at strengthening the state’s...
Ooredoo Maldives Transfers Techfin Shares to OFT International LLC
Ooredoo Maldives Plc has announced the sale and transfer of 1.5 million shares of its subsidiary, Techfin Maldives Pvt Ltd, to OFT...
Maldives Invites Chinese Investment to Develop Mariculture Industry
Minister of Fisheries and Ocean Resources Ahmed Shiyam has invited Chinese investors to support the development of the Maldives’ mariculture industry, citing...
