Positive measures for small and medium enterprises to be introduced from January: President

President Dr Mohamed Muizzu has announced that positive measures for small and medium enterprises (SMEs) will be implemented starting January, following concerns raised by business owners during a meeting held earlier this month.

In a post on X, President Muizzu said the Cabinet discussed the issues highlighted at the meeting with small and medium business owners on December 17 and decided to strengthen and improve the outcomes of initiatives aimed at supporting the sector.

“As a result, in addition to the announcements made at the meeting with small and medium enterprises, the next two years have been identified as a period for implementing special measures to promote small and medium businesses,” President Muizzu said.

He added that some of these measures will come into effect from January 1, with further details to be announced by the relevant authorities.

Commenting on the President’s decision, Economic Development and Trade Minister Mohamed Saeed said the next two years will be dedicated to providing special concessions for small businesses.

“This is a major relief and a source of encouragement for both existing small businesses and new entrepreneurs. We will continue to announce further changes in the coming days,” he said.

One of the key concerns raised by business owners during the meeting was the limited time allowed to clear goods brought by air and high demurrage charges. In response, President Muizzu announced at the meeting that the allowable period for keeping goods without demurrage would be extended from 80 hours to 124 hours.

Another concern highlighted was the suspension of four-wheeler vehicle registrations in Male'. Speaking on behalf of Expo Investment Pvt Ltd, which operates Sosun Fihaara, Mohamed Waheed said older vehicles had already been scrapped, while requests to register new vehicles remained pending.

He also pointed out delays in unloading goods at the port and proposed allowing company vehicles transporting goods to directly enter the port as a solution.

Additionally, a business owner raised concerns over the requirement for guesthouses serving Maldivians to pay Tourism Goods and Services Tax (TGST), noting the absence of a dedicated regulatory authority for guesthouses.

Several other issues affecting small and medium enterprises were also shared with the President during the meeting.