Cash Declaration Limit Changed

The Maldives Monetary Authority, on 17 January 2019, published the first amendment to the Regulation on Cross Border Currency Declaration Amount. The changes introduced now require passengers travelling with USD 20,000 or more, and are travelling…

Salary Board Recommends Minimum Wage to Minister

The Salary and Remuneration Advisory Board, on 20 February 2020, published a report on recommendations to the Minister of Economic Development on setting the National Minimum Wage. Based on studies conducted which focused on two approaches – the…

25th Amendment to the Goods and Services Tax Regulation Published

On 12 February 2020, the 25th Amendment to the Goods and Services Tax Regulation (Regulation Number 2011/R-43) was published in the Government Gazette. The amendment repealed Section 12(d) of the GST Regulation which defined “date of commencement…

Maldives Foreign Direct Investment Policy Published

A Foreign Direct Investment (FDI) Policy which would govern the approval guidelines in relation to foreign investments in the Maldives has been published. The new policy consolidates existing FDI approval practices and introduces new policy changes. The…