Hussain Saif

[Hussain Saif @husnsaif]

postcard from Maldives

[CTL Strategies @ctlstrategies]

Eid Mubarak! 🌙

Wishing you a joyous and peaceful Eid.

[CTL Strategies @ctlstrategies]

The 15th Amendment to the Maldives Tourism Act ratified on 19 March 2025 reopens the window for resort property lessees to pay reduced lease extension fees.

The Amendment also introduces new advertising rules and mandates the publication of safety-related compliance codes for tourism establishments

➡️ https://t.co/ETAru4brMx

[Taleed El-Sabawi, JD, PhD @el_sabawi]

They are killing the babies in their sleep during Ramadan again.

[CTL Strategies @ctlstrategies]

⚖️ In Bunny Holdings (BVI) Limited v MIRA, the Supreme Court has held that long-term villa leases in a tourist resort under strata basis involve the transfer of rights from a contract or law, placing them outside the scope of the GST Act.

🔗 https://t.co/fHNXbHZQXo

[CTL Strategies @ctlstrategies]

Today, we mark 10 years of our commitment to excellence 🌟

From humble beginnings to becoming a trusted name in the industry, our journey has been driven by dedication of our team members and the trust of our clients.

Thank you everyone!

[CTL Strategies @ctlstrategies]

Ramadan Mubarak! 🕌

[Legitimate Targets @LegitTargets]

🚨🇮🇱 "HAMAS guards covered us with their bodies to PROTECT us from our own forces' shooting." - Former Israeli Hostage Chen Almog-Goldstein

[Max Keiser @maxkeiser]

From 2014,

[CTL Strategies @ctlstrategies]

From all of us at CTL, we wish you a prosperous and successful New Year! 🌅

[CTL Strategies @ctlstrategies]

Changes introduced under the #Maldives Foreign Currency Act will be effective from 1 January 2025. Meanwhile, the initial Regulation on Foreign Currency will be in place from 1 October 2024 to 31 December 2024.

Here is a summary of the key changes introduced under the Foreign Currency Act.

Read more on the Foreign Currency Act: https://t.co/wSyfNUg5f6

[CTL Strategies @ctlstrategies]

Our team participated in the IFRS & ISAs Forum 2024 organized by @icamaldives held from 14-15 December 2024.

[CTL Strategies @ctlstrategies]

IFRS 16 reshaped lease accounting for lessees, requiring most leases to be recognised on the balance sheet. Learn more about the resulting tax and accounting mismatches and their implications for lessees in the Maldivian context in this insightful blog post by our Tax Advisor, Ali Muraadh.

➡️ https://t.co/Qv6vK2GugL

[CTL Strategies @ctlstrategies]

The room is buzzing! We’re excited to welcome so many industry professionals to our seminar on Navigating Tax and Legal Developments in the Maldives Tourism Sector.

#CTLevents

[CTL Strategies @ctlstrategies]

Key changes introduced via the Amendment include transitional rules and new record keeping requirements for children under the age of 2. These updates are in line with the GRT exemption applicable for children, effective from 1 January 2025.

Read more 👉 https://t.co/3bmIKiNgKe

[CTL Strategies @ctlstrategies]

The Maldives-UAE DTA, signed in 2017, is the #Maldives' first tax treaty of its kind. It allocates taxing rights and provides double tax relief, benefiting cross-border businesses.

Learn more about the treaty benefits ➡️ https://t.co/Obk7s3TJvc

[CTL Strategies @ctlstrategies]

The Regulation specifies the procedures for submitting documentation necessary to evaluate the scale of economic activities within SEZs and to calculate the “tax expenditure” related to the incentives and benefits offered under the SEZ Act.

Read more ➡️ https://t.co/2XhScNq2EB

[CTL Strategies @ctlstrategies]

Taxpayers with functional currencies other than Rufiyaa are now required to pay their income tax, EWT, and NWT in US Dollars. This change takes effect for October's EWT and NWT payments, due by the 17th of this month.

Read more ➡️ https://t.co/tEWCpnyG6A

[CTL Strategies @ctlstrategies]

Amendments to the key tax legislations affecting tourism sector were ratified today, raising TGST, Green Tax, and Airport Taxes and Fees. These changes will impact businesses and travellers, with phased-in effective dates.

Read more ➡️ https://t.co/OlZIVQuzQx

[CTL Strategies @ctlstrategies]

Greetings on the occasion of Victory Day 🇲🇻

[CTL Strategies @ctlstrategies]

MIRA has announced changes to its enforcement policies, effective from 20 October 2024. These changes include a shorter notice period before enforcement actions are initiated.

Read More ➡️ https://t.co/qy0twhR9kQ