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.

"Any newly established TGST liable entities after 1st October 2024, are required to register at MMA via the same form within 30 days of their Goods and Services Tax registration at the Maldives Inland Revenue Authority," MMA further detailed.

Form link: https://extranet.mma.gov.mv/foreign-exchange

These requirements are in accordance with the Regulation on Foreign Currency (2024/R-91), implemented on 1st October 2024.

MMA said this initiative would strengthen and assist MMA in regulating the country's foreign exchange market, and urged all businesses to cooperate.

Along with the registration, businesses active in the industry are required to provide MMA with the details of the good and services they provide, before 28th of next month.

Additionally, foreign currency generated each month must also be deposited to the local bank account within 87 days after the month's end. Once deposit is completed, the businesses must also inform MMA.