Maldives Inland Revenue Authority has issued a regulation detailing the information submission requirements for developers and investors in Special Economic Zones

The rates for the TGST, Green Tax and Airport Taxes and Fees have been increased following the ratification of several key amendments today 5 November 2024. This is part of the government’s fiscal strategy aimed at reducing budget deficits and boosting foreign currency inflows.

The Private Companies Regulation formulated by the Ministry of Economic Development and Trade under the Companies Act was published and came into effect on 10th October 2024. The Regulation details compliance requirements included in the Act applicable to private companies in Maldives.

On 20 October 2024, MIRA implemented notable changes to its enforcement policies through amendments to the General Enforcement Policy, Policy on Accessing Bank Account Information and Freezing Bank Accounts and the Name and Shame Policy.

The Regulation on Registration of Foreign Companies was gazetted on 10 October 2024 to come into force with immediate effect. The Regulation details the application process for the re-registration of foreign companies, along with compliance requirements applicable to them.

On 1 October 2024, the Regulation on Money Changing Businesses was published by the Maldives Monetary Authority coming into immediate effect. The Regulation updates the rules surrounding the issuance of money changing licences to businesses and seeks to strengthen the efforts of the MMA with regards to supervision of such businesses.

The MMA’s new Regulation on Foreign Currency came into effect on 1 October 2024 introducing significant new rules and controls over incomes received in foreign currency and foreign currency transactions

The new Foreign Investment Act (Act Number 11/2024) (the “Act”) was ratified on 3 September 2024 introducing significant new rules to the foreign investment framework of the Maldives. The Act will come into effect on 3 December 2024 and will repeal the Maldives Foreign Investment Act of 1979.

The First Amendment to the Companies Act (Act Number 18/2024) (the “First Amendment”) was ratified on 18 September 2024.  Notably, the First Amendment revised the time frames within which companies incorporated in Maldives must convene extraordinary general meetings (EGMs).