BCC Launches Nationwide Initiative to Profile Economic Development Projects
The Business Centre Corporation (BCC) has launched "Dhivehi Raajjeyge Iqthisaadhee Furamala 2025," a new initiative aimed at gathering comprehensive data on economic development projects across the Maldives. The initiative, inaugurated by Minister of Economic Development and Trade Mohamed Saeed, will focus on profiling projects by collecting information on gender representation within contracted workforces and documenting the status...
Maldives Customs Implements Stricter Regulations on Tobacco Storage and Vessel Tracking
The Maldives Customs Service has introduced amendments to the Customs General Regulation, banning the storage of tobacco and tobacco-related products in bonded warehouses. This change follows recent updates to the Export-Import Act, as part of the country’s ongoing efforts to control tobacco use and implement stricter monitoring measures on imported goods.
Under the newly...
MMA Tightens Currency Exchange Rules
The Maldives Monetary Authority (MMA) has announced that, under the Regulation on Money Changing Business, a specialized company must be established for the exchange of foreign currency when interested parties apply for a license.
During a recent programme on state media PSM, MMA’s Assistant Executive Director, Aishath Asnaa, revealed that approximately 200 parties currently...
Global Biodiversity Conference Ends with New Roles for Maldives in Conservation Leadership
The 16th Conference of the Parties (COP16) to the Convention on Biological Diversity (CBD) concluded successfully in Cali, Colombia, marking a significant step forward for global biodiversity conservation. Representing the Maldives, Minister of Climate Change, Environment, and Energy Thoriq Ibrahim participated in discussions aimed at accelerating biodiversity protection efforts, which included high-level commitments to Indigenous inclusion, African-descent...
Maldives and China Reflect on Decade of Growing Bilateral Ties at Anniversary Symposium
The Ambassador of China to the Maldives, Wang Lixin, highlighted the growth of Maldives-China relations during the "China and Maldives: A Decade of Friendship Towards One Shared Future" symposium held on October 31. Hosted jointly by the Chinese Embassy in the Maldives and the Maldives China Trade and Cultural Organisation, the event brought together key officials and...
President Ratifies New Amendment Raising Import Duties on Tobacco and Vaping Products
President Dr Mohamed Muizzu has ratified the 19th Amendment to the Maldives Export-Import Act (Act no. 31/79), introducing substantial changes to import duties on tobacco products and electronic devices. This amendment, passed during the 44th session of the 20th Parliament, revises specific sections of the Act to reflect the government’s new approach to regulating these imports.
Report: Calls Grow for Comprehensive Reform of Maldives’ Pension System
As one of the largest financial reserves in the Maldives, the national pension fund has amassed over MVR 20 billion in assets. Yet, despite its size and intended significance, the pension system has come under increasing scrutiny. Experts, government officials, and citizens alike argue that it is failing to meet the needs of the public, raising a...
From Friday, Aasandha Scheme to Deduct Private Insurance First in New Cost-Cutting Measure
The Maldivian government has introduced a significant change to the national health insurance scheme, Aasandha, starting this Friday, as part of ongoing reforms aimed at improving efficiency and managing healthcare costs. Under the new system, the National Social Protection Agency (NSPA) has announced that individuals with private insurance will first have their bills deducted from their private...
Allied Supports Employers with New Occupational Safety Regulations Compliance Through Group Term Assurance Plans
With the recent ratification of the Occupational Safety Act, employers now face new obligations to ensure the safety and well-being of their employees. The Labor Relations Authority has introduced the “Occupational Safety Regulations,” setting clear requirements for workplaces to guarantee robust safety measures and provide protections to employees, underscoring the critical importance of maintaining a safe work...
Maldives Government Proposes MVR 56.6 Billion Budget for 2025
The Maldivian government has unveiled a budget proposal totalling MVR 56.6 billion for the upcoming year, focusing on expenditure reduction, fiscal reforms, and investment in key sectors. Finance Minister Moosa Zameer presented the budget on Thursday, outlining major allocations, expected revenues, expenditures, and strategies for economic growth in 2025.
The budget estimates projected grants...
Committee Upholds Green Tax Increase for All Guesthouses, Rejects Exemption for Small Operators
The Maldivian parliament’s committee has voted against proposed exemptions that would have prevented smaller regional airports and guesthouses from facing increased departure and green tax fees. This decision supports the government's broader initiative to adjust tax rates across the tourism and aviation sectors to boost public revenue.
Departure Tax Hike Across All Airports
STO’s Third Quarter Report Shows Strong Revenue Growth Amid Increased Expenses
The State Trading Organisation (STO) has reported its financial and operational performance for the third quarter of 2024, detailing notable revenue growth accompanied by rising expenses. Covering the period from July to September 2024, STO’s revenue for the quarter reached MVR 3.58 billion, marking a 3.1% increase from the previous quarter’s MVR 3.47 billion. However, this growth...
Ooredoo Fun Run Returns to Hulhumale on 20 December 2024
Ooredoo Maldives’ much-anticipated Fun Run is set to bring back its vibrant atmosphere to Hulhumale’ on 20 December 2024. Known as "The Happiest Run in the Maldives," this 5-kilometre event promises a unique experience for participants with a mix of foam, water, and obstacles at every kilometre, all designed to create an exciting and family-friendly adventure.
Hoandedhdhoo Council Opens Bids for Major Sustainable Agricultural Project on Kannigillaa Island
Hoandedhdhoo Council has announced the launch of a large-scale sustainable agricultural project on Kannigillaa, an uninhabited island in Gaafu Dhaalu Atoll. Bidding is now open internationally, with the submission deadline set for 21st November.
The council’s President, Hussain Waarish, explained that the island is being leased for a 30-year period to support industrial-level agriculture,...
MMPRC Launches Nationwide Landmark Design Competition to Showcase Maldivian Heritage
The Maldives Marketing and Public Relations Corporation (MMPRC) has announced a nationwide competition inviting Maldivians over the age of 18 to design landmarks to be installed in iconic locations, including Velana International Airport, Male’ City, underwater sites, and various islands across the Maldives. The initiative aims to celebrate the unique charm of the Maldives while enhancing the...
Tourism Revenues Propel Maldives’ Fiscal Year as Infrastructure Investments Surge
The Maldives government’s financial report for the period ending 24 October 2024 reveals a persistent budget deficit, with expenditure outpacing revenue. Cumulative revenue and grants during this period totalled MVR 28,200.4 million, while cumulative expenditure amounted to MVR 37,735.1 million, resulting in a deficit of MVR 9,534.8 million.
Revenue Composition
Future Summit 2024 Outlines Path for Sustainable Tourism in Maldives
Held at Kurumba Maldives, the Future Summit 2024 brought together over 150 industry leaders, government officials, and tourism experts to discuss the Maldives’ evolving tourism sector. Central to the discussions were strategies for sustainable tourism growth, diversification of tourism products, and enhanced market positioning, with a focus on ensuring the long-term resilience and competitiveness of the Maldives’...
Maldivian Resumes Scheduled Flights to Kooddoo Airport Post-Runway Renovations
Maldivian, the national airline of the Maldives, has resumed scheduled flights to Kooddoo Airport following recent runway renovations. The route, connecting Gaafu Alif Atoll with the capital, had been temporarily suspended since early September due to the airport’s delayed infrastructure upgrades.
The runway’s condition had previously led to damage to two Maldivian aircraft serving...
Maldives and China Sign Protocol to Boost Seafood Exports
The Maldives Food and Drug Authority (MFDA) has formalised a protocol with China’s General Administration of Customs (GACC) to establish inspection and quarantine requirements for Maldivian wild aquatic products destined for the Chinese market. This new framework aims to streamline trade processes and enhance opportunities for Maldivian seafood exports to China.
The signing ceremony...
Gov’t Aims to Expand Fish Storage Capacity to 25,000 Tons by 2029
In a parliamentary session today, Fisheries Minister Ahmed Shiyam announced the government’s target to enhance the nation’s fish storage capacity to 25,000 tons by the end of its five-year term. The declaration followed questions from lawmakers regarding the government’s efforts in supporting the fishing industry and meeting electoral pledges to fishermen.
The opposition MP...
New MIRA Guidelines Outline Reporting Requirements for SEZ-Linked Tax Concessions
The Maldives Inland Revenue Authority (MIRA) has gazetted new regulations to clarify reporting requirements for tax concessions linked to Special Economic Zones (SEZs).
Effective as of yesterday, the regulations outline the financial and operational details SEZ developers and investors are obligated to submit after entering investment agreements under the Special Economic Zone Act of...
Corporate Maldives Unveils “Network”: A New Business Networking Platform for the Maldives
Corporate Maldives has officially launched Network, an innovative platform designed to enhance networking for professionals and businesses. Network serves as a hub for business networking, B2B marketing, headhunting, and acts as a digital business directory for the Maldivian business community. It also provides professionals with opportunities to connect with potential clients and explore job opportunities.
Corruption Crackdown or Control Play? Debate Erupts Over ACC Amendments
The Maldivian government's recent proposal to amend legislation granting the President the authority to appoint the heads of the Anti-Corruption Commission (ACC) and the Elections Commission (EC) has sparked significant debate over the potential impact on the independence of these bodies.
Today, Deputy Speaker of Parliament Ahmed Nazim (PNC) expressed support for the amendments...
Parliament Approves MVR 5 Billion Supplementary Budget
Today, Parliament approved a supplementary budget of MVR 5 billion, which was proposed by the government to cover additional expenditures for the remainder of the year. The finance ministry presented the supplementary budget to the parliament last Thursday, seeking an increase to last year's budget. The proposal was reviewed by a parliamentary committee and was unanimously endorsed...
LATEST ARTICLES
BCC Launches Nationwide Initiative to Profile Economic Development Projects
The Business Centre Corporation (BCC) has launched "Dhivehi Raajjeyge Iqthisaadhee Furamala 2025," a new initiative aimed at gathering comprehensive data on economic...
Maldives Customs Implements Stricter Regulations on Tobacco Storage and Vessel Tracking
The Maldives Customs Service has introduced amendments to the Customs General Regulation, banning the storage of tobacco and tobacco-related products in bonded...
MMA Tightens Currency Exchange Rules
The Maldives Monetary Authority (MMA) has announced that, under the Regulation on Money Changing Business, a specialized company must be established for...
Global Biodiversity Conference Ends with New Roles for Maldives in Conservation Leadership
The 16th Conference of the Parties (COP16) to the Convention on Biological Diversity (CBD) concluded successfully in Cali, Colombia, marking a significant...
Maldives and China Reflect on Decade of Growing Bilateral Ties at Anniversary Symposium
The Ambassador of China to the Maldives, Wang Lixin, highlighted the growth of Maldives-China relations during the "China and Maldives: A Decade...
