President’s Office Introduces Policy to Waive Import Duties for Economic Projects

The President’s Office has issued the Policy on Presidential Waivers for Import Duties, Royalties, and Revenue Fees for Designated Projects and Businesses, allowing the President to exempt certain goods from duties, royalties, and fees to support economic activities, including resort development for halal tourism.

The policy applies to goods imported for starting and operating businesses deemed economically significant to the Maldives, as well as items imported for the benefit of specific islands or regions on particular occasions. It also covers products imported or re-exported for projects of economic importance. Exemptions can apply to capital equipment, spare parts, materials, and other supplies.

Specific sectors and activities outlined in the policy include:

• Equipment for building and renovating boats in the Maldives
• Small and Medium Enterprises (SMEs) and related business inputs
• Products that reduce imports or boost exports
• Fishing equipment for local fishermen to earn a livelihood
• Goods supporting the expansion of economic activities, trade, employment opportunities, and livelihoods
• Items facilitating trade and other economic activities that generate foreign currency for the Maldives
• Equipment and materials for economic activities aimed at diversifying the Maldivian economy
• Inputs supporting the growth and development of SMEs, including those backed by government loans or grants
• Capital equipment and repair materials for new or existing tourism projects, where expenditure exceeds 25% of the original investment cost
• Marine fuel and bunkering oil imported, re-exported by Maldivian-licensed businesses, and used as bunker fuel for foreign vessels
• Equipment imported to develop tourism infrastructure in Haa Alifu, Haa Dhaalu, Shaviyani, Thaa, Laamu, and Addu atolls
• Equipment brought in by halal tourism investors for resort development

The policy specifies the duration and scope of exemptions and requires all waiver clauses to be submitted to and approved by the President’s Office.

In parallel, the Ministry of Economic Development and Trade has published a complementary policy detailing procedures for applying for and maintaining exemptions on import duties, royalties, and revenue fees, including documentation, approvals, and compliance requirements.

The initiative aims to support investment, diversify the economy, and strengthen the growth of SMEs, tourism, and other sectors vital to the Maldives’ economic development.