Ministry of Economic Development has stated discussions were held with businesses and companies before amending the Import-Export Act.
Speaking on a programme aired on PSM News, Registrar of Companies Mariyam Visam said the amendments were discussed with about 20 high-end import-export companies in various meetings held at the economic ministry. Visam highlighted the companies do not have major complaints regarding the amendments, although some companies have raised concerns that the increased revenue stamp fee by 90% could further raise the prices of goods. She said it is crucial a fee is imposed on the services at a time changes are being brought to the import-export sector.
President Ibrahim Mohamed Solih ratified the 17th Amendment to the Import-Export Act of the Maldives on July 23 after it was passed by the Parliament of the Maldives on July 15. Following the ratification of the amendment, no export duty can be taken from any good which is not listed under section 3 of the act. Moreover, a 50% of export duty from the Free On Board (FOB) price will be charged from ambergris and a 5% royalty will be charged from the FOB price of goods re-exported for business.
The changes also include a 50% waiver on import duties on all goods, excluding those listed in the section 7 of the act, imported to any formal seaport or airport apart from ports in the Greater Male' Region. Also, a revenue fee of USD 0.065 from every USD 6.5 will be charged by the government from the price allocated for all the goods imported, exported, or re-exported from the Maldives.
The act also mandates that 3% of the proceeds from the import duty imposed on tobacco and cigarettes, go to the public health fund to carry out anti-tobacco public awareness campaigns under the Public Health Protection Act. Also starting from January 1, 2021, import of any goods declared by the president to be classified as single-use plastic, will be prohibited under section 7 of the act.