Attorney General Ahmed Usham has revealed the government’s plan to amend several laws in an effort to address the ongoing dollar shortages.
In a media briefing, Attorney General Usham outlined that the government aims to implement these amendments within the next three weeks. He explained that a comprehensive Cabinet-level meeting was held to discuss the issue, leading to decisions on several key measures. Specifically, amendments will be made to the Maldives Pension Act and the Tax Administration Act.
Detailing the proposed amendments, Usham stated that the primary objective is to facilitate businesses that generate income in dollars by allowing them to make governmental payments in dollars. The amendment to the Tax Administration Act will enable companies earning revenue in dollars to pay corporate income tax in the same currency. Similarly, the amendment to the Pension Act will ensure that individuals receiving their salaries in dollars will also have their pension contributions made in dollars.
Additionally, changes will be introduced to the regulations governing payments to the Maldives Customs Services, allowing these transactions to be conducted in dollars. Usham expressed confidence that these measures will help mitigate issues related to currency exchange on the black market.
The government has announced these amendments will be presented to Parliament within the next two to three weeks.