Country by Country Report (CbCR) Regulations

Country by Country Report (CbCR) Regulations

On 20 January 2021, the Maldives Inland Revenue Authority (“MIRA”) issued the Country-by-Country Reporting Regulation requiring annual country-by-country reporting (“’CbCR”) for Multinational
Draft of Civil Procedure Code

Draft of Civil Procedure Code

Suood Anwar & Co has submitted the completed draft of Country’s first Civil Procedure Code.
Arbitration History Made!

Arbitration History Made!

For the first time in the Maldives, a foreign arbitral award has been directly enforced in the Maldives. In the case of International Construction Consortium v Gasveli Island Pvt. Ltd (1197/CV-C)
Maldives to revamp its tax regime together with the introduction of Personal Income Tax

Maldives to revamp its tax regime together with the introduction of Personal Income Tax

On 15 October 2019, the Government of Maldives submitted Income Tax Bill (“ITB”) to the Parliament. Once the Bill is passed by the Parliament and ratified by the President, it would introduce
Shahdy Anwar appointed to the Council of the Maldives National University

Shahdy Anwar appointed to the Council of the Maldives National University

Mohamed Shahdy Anwar has been appointed as the member representative from the legal profession to the University Council of the Maldives National University. The University Council is the University
Director’s Remuneration No Longer Constitutes a Business Income

Director’s Remuneration No Longer Constitutes a Business Income

Pursuant to the first amendment to the Tax Ruling TR-2018/B65 (amended via TR-2019/B69 issued on 21 March 2019), amounts payable by a company, a trustee or a partnership as remuneration, as defined
Penalty Interest is Conventional to the Maldives – Supreme Court

Penalty Interest is Conventional to the Maldives – Supreme Court

The Supreme Court, in the case of CPS Maldives Pvt. Ltd. v. Works Corporation Ltd. (27 SCA 2013) had decided on 19 May 2014
Supreme Court holds ruling on Unilateral variation and termination of contracts entered into with the State

Supreme Court holds ruling on Unilateral variation and termination of contracts entered into with the State

The Supreme Court on 16 September 2013, in the appeal lodged by Nexbis Ltd., Australia against measures of the ACC in the Maldives Immigration Border Control System (MIBCS)
Supreme Court Restricts Powers of the Anti Corruption Commission

Supreme Court Restricts Powers of the Anti Corruption Commission

The Supreme Court on 16 September 2013 decided that the Anti-Corruption Commission does not have authority to require termination of any commercial contract despite allegations of corruption therein
National Award of Recognition

National Award of Recognition

Suood Anwar & Co. is prod to announce that Husnu Al Suood, our Principal Partner has been honored with the National Award of Recognition for Outstanding Services in the field of law/legal