President Dr Mohamed Muizzu has stated that the Government formulates, passes, and ratifies bills only after conducting extensive technical studies.

He made these remarks during a special ceremony held at the President's Office to ratify seven bills passed by the People's Majlis.

These bills are:

  1. The 8th Amendment to the Goods and Services Tax Act (Act No. 10/2011)
  2. The 2nd Amendment to the Income Tax Act (Act No. 25/2019)
  3. The Bill on Leasing Uninhabited Islands and Lagoons
  4. The 1st Amendment to the Foreign Currency Act (Act No. 32/2024)
  5. The 2nd Amendment to the Maldives Fisheries Act (Act No. 14/2019)
  6. The 4th Amendment to the Tax Administration Act (Act No. 3/2010)
  7. The Land Transport Bill

Following the ratification, President Dr Muizzu affirmed that each piece of legislation directly benefits the Maldivian people. In particular, he noted that the 1st Amendment to the Foreign Currency Act will provide critical economic relief, including curbing parallel market exchange rates for US dollars.

He emphasised that data and economic assessments demonstrate that the statutory foreign currency surrender and exchange requirements will neither disrupt resort operations nor hinder the payment of dollar-denominated salaries. He therefore cautioned that the legislation must not be used as an excuse to reduce or withhold wages from employees paid in US dollars, and expressed confidence in securing full cooperation from the tourism sector and enforcement agencies to ensure effective implementation.

Turning to tax reforms, the President explained that the 8th Amendment to the Goods and Services Tax (GST) Act introduces key adjustments following the adoption of the destination principle within the tourism sector. He added that the 2nd Amendment to the Income Tax Act adjusts withholding tax rates for foreign construction entities, thereby establishing a level playing field for Maldivian enterprises to compete for contracts.

He also noted that the 4th Amendment to the Tax Administration Act restores critical enforcement powers to the Maldives Inland Revenue Authority (MIRA).

The President went on to highlight the Act on Leasing Uninhabited Islands and Lagoons as a vital step towards diversifying the national economy. Similarly, with the 2nd Amendment to the Maldives Fisheries Act, the protection of Maldivian waters will be enhanced, aquaculture will expand, and the development of essential industry infrastructure and sports fishing harbours will be facilitated.

He added that the Land Transport Act strengthens road safety regulations and accelerates efforts to alleviate traffic congestion in Malé.

President Dr Muizzu underscored that the purpose of these reforms is to modernise the nation's statutory framework in line with contemporary standards, advancing the Administration's objective of transforming the Maldives into a developed nation by 2040. Noting that an advanced legal framework safeguards the rights of all citizens, he reiterated his Administration's unwavering commitment to upholding justice impartially and without prejudice.

The ratified acts have now been published in the Government Gazette. The ceremony was attended by members of the Cabinet and senior Government officials.