The Maldives Monetary Authority has warned it will publish the names of businesses that miss mandatory foreign currency conversion requirements ahead of the first deadline under a shorter conversion timetable. Under amendments effective 1 September, tourism and other qualifying businesses must convert set portions of monthly gross foreign currency sales before the 28th of the following month.
One outlet so far Only Corporate Maldives has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
The reminder comes ahead of the deadline for converting September earnings under amendments that took effect on 1 September.
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Maldives Monetary Authority · Publish the names of parties that miss their foreign currency conversion obligations in accordance with its policy
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Under the amended law, Category A tourism establishments, including resorts, must convert 40 per cent of their monthly gross foreign currency sales into Maldivian rufiyaa through a licensed bank.
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The amendments removed the alternative option of converting USD 500 per tourist.
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Category B establishments, which include tourist hotels, guesthouses and tourist vessels, retain the choice of converting either USD 25 per eligible tourist arrival or 20 per cent of monthly gross foreign currency sales.
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Category B establishments, which include tourist hotels, guesthouses and tourist vessels, retain the choice of converting either USD 25 per eligible tourist arrival or 20 per cent of monthly gross foreign currency sales.
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Outside tourism, the requirement applies to businesses other than financial institutions that earned at least USD 25 million, or its equivalent, in foreign currency from goods and services during the preceding calendar year.
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Qualifying businesses must generally convert 40 per cent of their monthly gross foreign currency sales, while wholly Maldivian-owned businesses are subject to a seven per cent requirement.
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Businesses must complete the required conversion before 28 October, replacing the previous deadline of the 28th of the third subsequent month.
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