President Ibrahim Mohamed Solih ratified three bills on Tuesday. They are the Maldives Statistics Act, First Amendment bill to the Small and Medium Enterprises (SME) Act and Maldives Statistics Act. Upon ratification, the bills have been published in the Government Gazette and have now come into effect.
The First Amendment bill to the Small and Medium Enterprises (SME) Act was passed by the Parliament on Thursday, 08 July 2021, at the 21st sitting of the second session of the People’s Majlis. The amendment includes the revised criteria for categorizing small and medium enterprises. The amendment mandates the establishment of a 100 percent government-owned entity hereinafter referred to as ‘Business Centre Corporation’ (BCC). The BCC would monitor and oversee that the policies and programs conducted under the Act fulfils the intention and extent of the law in creating a suitable environment for small and medium businesses to prosper.
The Maldives Statistics Act was passed by the Parliament on July 8, 2021, at the 21st sitting of the second session of the Parliament this year. The Maldives Statistics Act lays out the guidelines for the collection, analysis, usage and publication of national statistics, under an established national standard. The Act stipulates the establishment of the Maldives Bureau of Statistics, 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. A Chief Statistician would be appointed by the President to operate the Maldives Bureau of Statistics under the direction of the Minister.
The first amendment bill to the Income Tax Act was passed by the Parliament on July 8, 2021, at the 21st sitting of the second session of the Parliament this year. The amendment to the Income Tax Act includes imposing an income tax on temporary residents in the Maldives who earn wages. It also outlines details on how to calculate 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.
