The Government of the Maldives has started amending the law to re-levy the green tax under the Tourism Act. The government launched the 11th amendment to the Tourism Act on 3 July 2022 stating that the Green Tax will be levied from January 2023 – which has intervened and discontinued the Green Tax, leaving the …
Revisions to be proposed for Green Tax implementation Read More »
On 18 July 2022, the President ratified the Evidence Act (Act No. 11/2022). The act specifies the procedures to be followed when gathering evidence in civil and criminal proceedings, as well as the processes to be followed when submitting, accepting, and evaluating evidence. It also specifies other evidence-related elements, such as the extent of evidence …
Government of Maldives has announced opening the application window to issue 3,000 plots out of the planned 5,000 plots and 4,000 housing flats. The Housing Ministry has officially launched a dedicated portal for interested residents to apply for the scheme. The plots will be issued from Hulhumale’ and Gulhifalhu. Residents either with a registry in …
In reference to sections 101 and 103 of the Income Tax Regulations (Regulations No 2020/ R-21), MIRA has issued a circular that states that the companies, general partnerships and limited liability partnerships with taxable income of not more than MVR500,000/- for years 2020 and 2021; and not more than MVR2,000,000/- in total income for the years 2020 and …
The President approved his Cabinet’s recommendation to form a separate institution under the name “Maldives Health Services.” The Cabinet deliberated on a paper submitted by the Ministry of Health. The Maldives Health Services would be tasked with improving primary healthcare, catering to the country’s public health requirements under a decentralized setup, developing human resources, and …
The Economic Council of the Government of the Maldives has decided not to reduce the rates of tourism land rent as proposed in the amendment bill to the Tourism Act. The decision was made following concerns that the reduced rates for tourism land rent would bring major economic repercussions to the country. As such, concerns …
Government withdraws decision to reduce resort rent Read More »
A bill has been submitted to the People’s Majlis to make it mandatory to purchase plastic bags at retail stores when shopping. According to the waste management bill submitted, MVR 2 must be charged from customers as a levy on plastic bags issued at points of sale within 30 days of the act coming into …
The second amendment to the Small and Medium Enterprises (SME) Act (Act no. 06/2013) was ratified on 10 May 2022. The amendment redefined the classification of the three categories of enterprises for the law. It also mandated the Registrar of Companies to re-categorise all enterprises into the newly classified categories: micro, small, and medium enterprises; …
STELCO to introduce and implement a new regulation to allow the exemption of paying fines for customers who face financial burden. Furthermore, a survey has been conducted on the work of the company, which identified certain areas which can be improved. The forms it currently uses will be improved to make it easier for customers …
Maldives Monetary Authority (MMA) has introduced an action plan to reduce usage of cheques to encourage digital payment for a more safe and efficient future. The upcoming changes outlined in the action plan is as follows: From second quarter of 2023, a value ceiling of MVR 50,000 and USD 3000 will be imposed on cheques …
