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Resorts Required to Deposit 40% of Monthly Revenue in Banks
The Maldives Monetary Authority announced that resorts must deposit 40% of their monthly revenue into a Maldives-established bank, with the deposit deadline moved from the 28th of the third month following the revenue month to the 28th of the immediately following month. The MMA also raised the annual revenue threshold for non-tourism businesses required to deposit foreign currency earnings from USD 15 million to USD 25 million, and warned it will disclose the names of businesses that fail to comply by the deadline.
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40%share of monthly revenue resorts must deposit into a bank established in the MaldivesMiadhuUnder the amendments, resorts operating in the tourism sector are required to deposit 40% of their monthly revenue into a bank established in the Maldives.
28th day of the third monthprevious deadline for depositing foreign currency earningsMiadhuPreviously, under the Foreign Currency Act, the deadline for depositing foreign currency earnings was the 28th day of the third month following the month in which the revenue was earned.
28th day of the immediately following monthrevised deadline for depositing foreign currency earningsMiadhuUnder the revised legislation, the deadline has been brought forward to the 28th day of the immediately following month. Accordingly, foreign currency earnings generated in September must now be deposited by 28 October.
USD 15 millionprevious annual revenue threshold for businesses outside the tourism sector to deposit foreign currency earningsMiadhuPreviously, businesses outside the tourism sector were required to deposit foreign currency earnings if their annual revenue reached USD 15 million.
USD 25 millionrevised annual revenue threshold for businesses outside the tourism sector to deposit foreign currency earningsMiadhuUnder the revised legislation, this threshold has been increased to USD 25 million.