The Maldives Monetary Authority (MMA) has amended two regulations concerning foreign exchange to outline financial obligations for currency conversion and establish frameworks for business concessions, following recent legislative changes. Under these amendments, resorts are required to convert 40 percent of their revenue through a local bank. To seek exemptions for foreign currency expenditures, applications must be submitted to the MMA 30 days prior to the start of each calendar year. Furthermore, provisions have been made for concessions regarding insurance, shareholder transactions, diplomatic expenses, and higher education costs, provided that a tax clearance from MIRA is submitted with the application. Additionally, the annual revenue threshold for mandatory currency conversion for non-tourism businesses has been increased from USD 15 million to USD 25 million, and such entities are now required to register a dedicated account for these transactions.
