President Ibrahim Mohamed Solih has ratified one act and two amendments into law.
As such, President Solih ratified the Maldives Statistics Act, which lays out the guidelines for the collection, analysis, usage, and publication of national statistics, under an established national standard. The act aims to collect relevant data regarding the country's economy, ecology, and social aspects, and use that data for the benefit of all citizens. The act stipulates the establishment of the Maldives Bureau of Statistics, which is an independent entity mandated with the planning and operation of all national activities related to the field.
The law would transfer all resources, legal obligations, and staff employed by the previously created National Bureau of Statistics to the new body. The minister would be liable for all matters related to the new bureau and a Chief Statistician would be appointed by the president to operate the Maldives Bureau of Statistics under the direction of the minister. The act also mandates the establishment of a Statistical Council, comprising of 10 members, to provide counsel on all matters related to the field.
Furthermore, President Solih ratified the First Amendment to the Small and Medium Enterprises (SME) Act, which includes the revised criteria for categorising SMEs. The amendment also mandates the establishment of a 100 percent government-owned entity, referred to as Business Centre Corporation (BCC), to monitor and oversee that the policies and programmes conducted under the act fulfil the intention and extent of the law in creating a suitable environment for SMEs to prosper. The amendment stipulates that the BCC must re-establish service hubs assisting SMEs to function and to establish additional service hubs across the country within three months of the amendment coming into force.
Additionally, President Solih ratified the first amendment to the Income Tax Act, which includes imposing an income tax on temporary residents in the Maldives who earn wages. It also outlines details on how to calculate the employee withholding tax and the special exemptions given upon paying income tax, along with additional details that give further elaboration to the Income Tax Act.