On 28 March 2019, the third amendment to the Import, Export and Re-export of Goods Regulation was published in the Government Gazette.
As per the amendment to the Regulation, enterprises that import, export and re export are now, no longer required to hold the corresponding license to carry on with that activity. If an enterprise is registered under the Business Registration Act, they can register with the Maldives Customs Service and import, export and re-export in accordance with the Maldives Customs Services rules and regulations.
Another significant change is that prior to the amendment, any enterprise holding an import/export license under the regulation, which had outstanding dues to the state, could have their license withheld until dues to the state were settled. The amendment has removed this stipulation and in turn, removes any disruption to the operations of an enterprise that may have dues to the state
Schedule 6, introduced under the amendment, provides duty allowances and relief for the purchase of diesel used in the course of business of enterprises that qualify under the regulation, which are engaged in fisheries and the supply of electricity for general purposes. Certain duty allowances have also been provided to qualifying enterprises engaged in agriculture.
(Photo credits: Maldives Star/Flickr)