MMA opens registration for tourism businesses under new foreign exchange regulations
The central bank, Maldives Monetary Authority (MMA) has opened for registration for tourism businesses in compliance with the new foreign exchange and money exchange business regulations.
On October 1, MMA gazetted new regulations where businesses operating in the tourism sector have been given 30 days to re-register with the tax agency, Maldives Inland Revenue Authority (MIRA). Additionally, MIRA-registered businesses are required to register with the MMA through the MMA FX Portal Registration Form, which is a reporting requirement.
Each month, providers of goods and services in the tourism sector are required to submit details of services provided to the MMA before the 28th of the following month. Additionally, they must deposit the total amount of foreign currency received each month into a foreign exchange account with a bank 87 days, and notify the MMA once the deposit has been made.
According to the rules issued by the MMA, a bank will have to exchange monthly income of Category A businesses at the rate of $500 per tourist and Category B businesses at the rate of $28 per tourist before the 28th of each month.
