MMA Releases Draft General Regulation on Foreign Currency News Feb 21, 2025 MMA Releases Draft General Regulation on Foreign Currency The Maldives Monetary Authority (MMA) has released the Draft General Regulation on Foreign Currency for public comments. This regulation outlines the additional transactions permissible to be carried out in a foreign currency, procedures for deposit and conversion requirements, and actions to be taken against non-compliance with the Foreign Currency Act (FCA).
Foreign Currency Rules in the Maldives Legal Feb 21, 2025 Foreign Currency Rules in the Maldives The Maldives Monetary Authority (MMA), overseeing the implementation, has introduced rules governing the foreign convert market in the Maldives. The Regulation on Foreign Currency (Regulation No : 2024/R-91) applicable to the period October 2024 to December 2024 and Foreign Currency Act (FCA)(Act No : 2024/32) applicable thereafter, establish guidelines for managing foreign currency transactions and regulate foreign exchange market in the Maldives. Here is in brief what you need to know about the foreign currency rules in the Maldives.
Registration Rules under the Foreign Exchange Act Tax Jan 10, 2025 Registration Rules under the Foreign Exchange Act On January 9, 2025, the Maldives Monetary Authority (“MMA”) has published, the Regulation on Registrations under the Foreign Currency Act (Regulation No. 2025/R-2) (”Regulation”). This regulation establishes the framework of principles and procedures governing registration requirements under the Foreign Currency Act (Law No. 32/2024) (“FCA”), setting the stage for greater clarity and compliance in foreign currency rules. Here’s a breakdown of what you need to know.
Amendment to Maldives Tourism Act and Green Tax Regulation: Key Changes Effective from 01 January 2025 Tax Dec 29, 2024 Amendment to Maldives Tourism Act and Green Tax Regulation: Key Changes Effective from 01 January 2025 The Maldives government announced significant updates to the Maldives Tourism Act (Act No: 21/2024) and Green Tax Regulation (Regulation Number: 2024/R-117), which took effect from 01 January 2025. One of the most notable changes is the doubling of Green Tax (GRT) rates, which came into force starting January 2025.
Premier Chambers Law Bulletin - October 2024 Legal Oct 31, 2024 Premier Chambers Law Bulletin - October 2024 The October 2024 PC Law Bulletin covers updates on the Foreign Investments Act, amendments to employment, company, and business registration laws, new income tax rules for USD filers, and a Supreme Court ruling on legal finality. Stay informed by downloading the full bulletin.
Premier Chambers Law Bulletin - August 2024 Legal Aug 31, 2024 Premier Chambers Law Bulletin - August 2024 The August 2024 PC Law Bulletin covers updates on tourism lease extensions, union regulations, stricter tourism leasing requirements, and health services amendments. Stay informed on key legal developments by downloading the full bulletin.
Premier Chambers Law Bulletin - March & April 2024 Legal Apr 30, 2024 Premier Chambers Law Bulletin - March & April 2024 The March-April 2024 PC Law Bulletin covers proposed amendments to the Copyright Act and Employment Act, reinstated Country-by-Country Reporting requirements, and an EPA suspension on coastal development projects. Stay informed by downloading the full bulletin.
Premier Chambers Law Bulletin - January & February 2024 Legal Feb 29, 2024 Premier Chambers Law Bulletin - January & February 2024 The January-February 2024 PC Law Bulletin covers updates on the Industrial Relations Act, Occupational Safety and Health Act, revised Foreign Tourist Vessel Regulation, and tax rulings on charitable donations and GST refunds. Stay informed by downloading the full bulletin.