A new policy outlining procedures for granting exemptions on import duties, royalties and revenue fees has been gazetted, establishing a structured framework for supporting activities considered economically significant to the Maldives.
The policy gazetted on Sunday highlights regulations specifying eligible activities, special circumstances and businesses, as well as administrative procedures for implementation.
The President’s Office policy allows discretionary full or partial exemptions on imported goods for activities that benefit the Maldivian economy. It covers eligible businesses, special circumstances, and strategic projects, including goods imported for public benefit or for key national and regional initiatives.
For economically significant activities, the policy allows exemptions for capital equipment, spare parts, materials, and other necessary supplies, and outlines the eligible categories of economic activity.
- Materials imported for boat building, vessel repair, and maintenance within the Maldives
- Agricultural inputs imported by small and medium enterprises (SMEs)
- Activities expected to reduce imports and increase exports
- Materials imported by commercial fishers
- Initiatives aimed at developing the fisheries sector
- Activities that expand core industries, increase trade, and boost employment
- Businesses that generate foreign currency inflows
- Marine fuel imported and re-exported by licensed Maldivian businesses for bunkering foreign vessels
- Materials imported for resort development in atolls with lower tourism activity are also eligible
- Materials imported by investors for the development of Halal tourism resorts are included
Regulations from the Ministry of Economic Development and Trade allow entities registered under the Business Registration Act, local councils, and state institutions to apply for exemptions on duty, royalty, or revenue fees.
