Depositing tourism income in local banks: MMA opens registrations

In line with the Maldives Monetary Authority’s (MMA) new regulation mandating that tourism businesses deposit all revenue into local banks, the Authority has now opened registration for these businesses to comply with the new requirements.

MMA said all Tourism Goods and Service tax (TGST) liable entities registered at Maldives Inland Revenue Authority (MIRA) are required to submit the "Maldives Monetary Authority FX Portal Registration Form" by the end of the month.