President Mohamed Muizzu said the government only formulates, passes and ratifies legislation after conducting extensive technical studies.
He made the remarks at a ceremony at the President’s Office where he ratified seven bills passed by the Parliament.
The legislation includes amendments to the Goods and Services Tax Act, Income Tax Act, Foreign Currency Act, Maldives Fisheries Act and Tax Administration Act, as well as laws covering the leasing of uninhabited islands and lagoons and land transport.
President Muizzu said the laws were designed to directly benefit the Maldivian people and support the government’s economic and development objectives.
He said an amendment to the Foreign Currency Act would provide economic relief and help curb parallel-market exchange rates for US dollars.
The president said government assessments showed that new requirements for the surrender and exchange of foreign currency would not disrupt resort operations or prevent employees from receiving salaries denominated in US dollars.
He warned employers against using the legislation as a reason to reduce or withhold dollar-denominated wages, and said he expected cooperation from the tourism industry and enforcement authorities.
On tax reforms, President Muizzu said changes to the GST Act were necessary following the introduction of the destination principle in the tourism sector.
An amendment to the Income Tax Act will alter withholding tax rates for foreign construction companies, which the government says will create a more level playing field for Maldivian businesses competing for contracts.
The president also said changes to the Tax Administration Act would restore enforcement powers to the Maldives Inland Revenue Authority (MIRA).
He described the new legislation on leasing uninhabited islands and lagoons as important for diversifying the Maldivian economy.
Changes to the Fisheries Act, meanwhile, are intended to strengthen protection of Maldivian waters, expand aquaculture and support the development of industry infrastructure and sports-fishing harbours.
The new Land Transport legislation is aimed at strengthening road-safety rules and reducing traffic congestion in the capital, Malé.
President Muizzu said the reforms were part of efforts to modernise the country's legal framework and support the government's ambition of transforming the Maldives into a developed nation by 2040.
He also said a stronger legal framework would protect citizens' rights and reiterated his administration's commitment to applying justice impartially.
The seven ratified laws have been published in the Government Gazette. Cabinet members and senior government officials attended the ratification ceremony.