MMA Launches Registration for Tourism Businesses to Deposit Income in Local Banks

In accordance with the Maldives Monetary Authority's (MMA) new regulation requiring tourism businesses to deposit all revenue into local banks, the Authority has opened registration for these entities to meet the new compliance standards.

Registration Deadline

MMA stated that all entities liable for the Tourism Goods and Service Tax (TGST) registered with the Maldives Inland Revenue Authority (MIRA) must submit the "Maldives Monetary Authority FX Portal Registration Form" by the end of this month.

"Any newly established TGST liable entities after 1st October 2024, are required to register at MMA via the same form within 30 days of their Goods and Services Tax registration at MIRA," MMA further explained.

Form link: https://extranet.mma.gov.mv/foreign-exchange

Regulation and Objectives

These requirements fall under the Regulation on Foreign Currency (2024/R-91), which took effect on 1st October 2024.

MMA noted that this initiative aims to strengthen the regulation of the country's foreign exchange market and urged all businesses to cooperate.

Additional Requirements

In addition to registration, active businesses in the tourism sector must provide MMA with details about the goods and services they offer by the 28th of next month.

Furthermore, any foreign currency earned each month must be deposited into a local bank account within 87 days following the end of that month. After completing the deposit, businesses are also required to inform MMA.