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Maldives Medium Term Revenue Strategy: How Can CFOs Be Ready?

This article outlines the new revenue measures and provide recommendations aiming to help CFOs navigate the changes brought about by the new revenue measures, ensuring that their companies remain financially stable and profitable, while concurrently contributing to the long-term financial stability

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Income Tax Filing Deadline for 2023: A Comprehensive Guide

This article serves as a comprehensive guide to the Income Tax Filing Deadline for 2023, as stipulated by the Income Tax Act 2020. It outlines the key aspects of tax filing, including the individuals and entities obligated to file an income tax return, and the exemptions available.

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MIRA’s Tax Ruling: Impact on Deductibility of Donations

The Maldives Inland Revenue Authority (MIRA) has issued a Tax Ruling on January 14, 2024 which focuses on the deductibility of donations under Section 21 of the Income Tax Act.

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Important Update: Deadline Extension for Income Tax for the Year 2022

In an effort to facilitate taxpayers in preparing their income tax returns and financial statements, MIRA has announced a deadline extension for the submission of income tax returns and payment of tax for the year 2022.

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Maldives GST rates to increase from 1st January 2023

Pursuant to the sixth amendment of the Goods and Servies Tax Act, the rates for tourism sector GST and general sector GST will increase to 16% and 8% respectively effective from 1st January 2023

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The Maldives introduces Departure Tax

The Maldives introduces Departure Tax and brings changes to the rates charged as Airport Development Fee for the persons departing from Velana International Airport, effective from 1 January 2022.

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