The Maldives Inland Revenue Authority recently announced the publication of a draft Guide to Limitations on Interest Deductions. The guide covers the rules that exist in the Income Tax Act to limit the deductibility of interest, including guidance on:
- The scope of "interest" for the purpose of income tax, which means any payment (excluding the principal amount), under a debt security, loan, swap, or derivative arrangement, or a transaction in respect of which a payment that is economicall…