President Mohamed Muizzu has announced a package of measures to support small and medium enterprises, including the ability to offset government receivables against tax bills and exemptions on certain import duties.
Speaking at a national productivity event, the president said the GST registration threshold will rise from MVR 1 million to MVR 1.5 million from January. Import duty will also be waived for five years on a list of raw materials used by small businesses.
From 1 November, SMEs will be able to receive US dollar payments from overseas through Bank of Maldives’ payment gateway and use those funds for international payments via card or remittance.
The announcements were made as businesses face ongoing challenges with dollar availability and costs. Officials said the steps are intended to improve cash flow and encourage local production.
Further details on the exact list of duty-free materials and implementation timelines are expected from relevant ministries.
