SMEs to Receive USD Payments via BML Gateway from November 1, President Announces
25 އޮކްޓޯބަރު 2026 | އާދީއްތަ 22:32The government has announced plans to establish a tax-free zone in Addu City specifically for small and medium enterprises (SMEs) and to raise the GST registration threshold to MVR 1.5 million. Additional measures to support the business sector include introducing a tax offsetting mechanism, eliminating import duties on raw materials, and launching a dedicated loan scheme for young entrepreneurs.
President Dr. Mohamed Muizzu delivers remarks at the awards ceremony for "Maldives Expo 2026." | President's Office
President Dr. Mohamed Muizzu has announced that starting November 1, small and medium-sized enterprises (SMEs) in the Maldives will be able to receive payments in US dollars for global transactions processed through the Bank of Maldives (BML) gateway.
Speaking at the "Maldives Expo 2026" awards ceremony, the President reaffirmed his commitment to achieving holistic development through a self-reliant and productive citizenry. He assured that within the next three months, enhanced opportunities would be introduced to further empower small and medium-sized enterprises.
The President has detailed upcoming initiatives aimed at fostering a more favorable environment for small and medium-sized enterprises (SMEs) between this November and January 2027. He announced that starting November 1, SMEs will be able to receive payments in US Dollars for transactions conducted anywhere in the world via the Bank of Maldives gateway. Furthermore, the President stated that arrangements will be made to allow these dollar earnings to be utilized for the procurement of goods and services from abroad through remittance.
Furthermore, the President announced that tax-free zones specifically for small and medium enterprises (SMEs) will be established starting January 1 next year. He noted that the initial three-year pilot project will be launched in Addu City. The President further detailed that businesses within this zone will benefit from a rent waiver on government-allocated land for the first year, exemptions from income tax, and eased regulations regarding labor quotas, ranging from 20 to 30 percent.
Furthermore, the President has announced plans to implement tax offsetting and revise the GST registration threshold. President Muizzu revealed that a mechanism has been established allowing small and medium-sized enterprises (SMEs) to offset their tax liabilities against payments owed to them by the government. Additionally, the President announced that the GST registration threshold will be increased from MVR 1 million to MVR 1.5 million, effective January 1.
President Dr. Muizzu has announced a decision to eliminate import duties on raw materials imported for the production needs of small and medium enterprises, effective January 1, 2027. The President further signaled that the necessary legislative amendments to implement these changes are currently underway.
Furthermore, the President highlighted ongoing efforts to expand loan opportunities for young entrepreneurs, noting that the second phase of this loan scheme is scheduled to launch this coming November.
In his remarks at the ceremony, the President highlighted the administration’s commitment to supporting persons with disabilities and building an inclusive society. He assured that the government would provide equal opportunities for persons with disabilities to participate in the national economy, emphasizing that no individual should be hindered by their physical or other conditions. Furthermore, the President noted that the government is dedicated to fostering a civilized society where everyone is included.
