Insights

March 5, 2025

Understanding the New General Regulation on Foreign Currency

Effective Date: 28 February 2025 The Maldives Monetary Authority (MMA) has recently published the General Regulation on Foreign Currency (Regulation...

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December 18, 2024

New Foreign Currency Act in the Maldives: A Guide for Businesses

Effective Date: 1 January 2025 The new Foreign Currency Act (Law no: 32/2024) ratified on 14th December 2024 is set...

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December 2, 2024

New GST Rules for Staff Cafés in Tourist Establishments

On 5 November 2024, important changes were made to the Tourism Goods and Services Tax (TGST), resulting in higher tax...

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Navigating Green Tax Regulation Changes: What You Need to Know!

The Maldives tourism industry is set to face significant changes with the introduction of the 14th Amendment to the Maldives...

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November 14, 2024

New Amendments Push Up Tax Rates

On 5 November 2024, significant amendments to the Tourism Goods and Services Tax (TGST), Green Tax (GRT), and Airport Taxes...

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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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November 28, 2022

GST rates are to be changed from January 2023

The Sixth Amendment to the Goods and Services Tax Act (Law Number 20/2022) has been ratified by the President of...

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June 9, 2021

Extension of Deadline for Filing Income Tax Returns and Payment of Income Tax

Maldives Inland Revenue Authority (MIRA) has announced on 07 June 2021 that the deadline for filing and payment of income...

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