Maldives becoming a hub for Islamic Banking & Halal industry in South Asian region

Law August 26, 2016

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...

Law February 20, 2017

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...

Law April 13, 2017

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...

Law June 18, 2017

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...

Law March 2, 2017

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...

Law August 20, 2016

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...

Law August 25, 2016

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...

Law August 15, 2016

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....

Law October 15, 2017

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...

Law August 30, 2016

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...

Law August 26, 2016

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,...

Law January 2, 2017

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),...

Law August 6, 2016

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...

Law July 11, 2016

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...

Law December 21, 2016

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...

Law February 21, 2017

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...

Law January 12, 2017

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...

Law April 6, 2017

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...

Law June 28, 2018

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...

Law January 24, 2017

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...

Law January 29, 2017

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...

Law September 1, 2016

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...

Law December 14, 2017

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...

Law July 12, 2016

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...