Insights

October 8, 2024

New Foreign Currency Regulation in the Maldives: What You Need to Know

Effective Date: 1 October 2024 Key Provisions Mandatory Use of Maldivian Rufiyaa Foreign Income Depositing and Exchange Rules Banking Obligations...

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Major Changes to Money Changing Regulations in the Maldives: What You Need to Know

Effective Date: 1 October 2024 The Maldives has introduced significant changes to the money changing regulations, impacting businesses involved in...

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October 7, 2024

Tracking Key Provisions: Recent Amendments to the Regulation Governing Foreign Tourist Vessels in Maldives’ Waters

Effective Date: 25 September 2024 The Maldives has recently enacted significant amendments to the regulations governing foreign tourist vessels in...

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September 26, 2024

Tracking Key Provisions: The Third Amendment to Regulation 2022/R-236 on Construction period extensions and the deferment of rent and fines

Effective Date: 24 September 2024 The third amendment to Regulation 2022/R-236, which addresses construction period extensions and the deferment of...

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September 18, 2024

Functional Currency in USD? Key Updates from the Recent Income Tax Regulation Amendment

Key Updates from the Amendment The 5th Amendment to the Income Tax Regulation, published on 12 September 2024, marks a...

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August 5, 2021

Departure Tax to Replace Airport Service Charge from January 2022

On 11 July 2021, the the First Amendment to the Airport Taxes and Fees Act (Law No. 14/2021) came into...

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Revenue Stamp Act Repealed

On 11 July 2021, the the Revenue Stamp (Repeal) Act (Law No. 13/2021) came into effect upon its ratification by...

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April 7, 2021

MIRA Issues Advance Pricing Arrangement Regulations

On 16 March 2021, the Maldives Inland Revenue Authority (MIRA) issued the Advance Pricing Arrangement Regulations (2021/R-42) (the Regulations), setting...

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December 23, 2020

MIRA Publishes Tax Audit Framework

On 22 December 2020, the Maldives Inland Revenue Authority (MIRA) published its Tax Audit Framework (Guide No. MIRA M841), which...

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December 18, 2020

Third Amendment to the Tax Administration Act Enacted

On 16 December 2020, the President ratified the Third Amendment to the Tax Administration Act (Law No. 27/2020) (the Amendment),...

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