Maldives Strengthens Foreign Currency Regulations with First Amendment to the Foreign Currency Act
The Maldives has introduced significant changes to its foreign currency regulatory framework through the First Amendment to the Foreign Currency Act (Law No. 32/2024) (the “First Amendment”), ratified on 31 August 2026 and effective from 1 September 2026. The First Amendment strengthens the regulatory authority of the Maldives Monetary Authority (MMA) over foreign currency transactions, […]
Maldives Takes Its First Step Towards Destination-Based GST
The Eighth Amendment to the Goods and Services Tax Act (Law No. 10/2011) has now been ratified and published in the Government Gazette, marking an important step towards introducing the destination principle into the Maldivian GST system. The changes are particularly significant for the tourism sector. Offshore booking platforms, foreign tour operators and travel agents […]
