President Muizzu announces new SME support measures including US dollar access via BML Gateway and tax-free zone in Addu City

President Dr. Mohamed Muizzu has announced a series of new measures to support small and medium-sized enterprises (SMEs) in the Maldives, including access to US dollars through the Bank of Maldives (BML) Gateway starting November 1. Speaking at the 'Maldives Expo 2026' award ceremony, the President detailed plans to ease business conditions for SMEs over the next three months. From November 1, SMEs will be able to receive payments in US dollars for any transaction conducted abroad via BML Gateway, and they can use those dollars to source goods and services through remittances. Additionally, the government has decided to establish a tax-free zone for SMEs, with a three-year pilot project beginning in Addu City from January 1, 2027. This zone will include a rent-free first year for government land, income tax exemption, and a quota relaxation from 20 to 30. The President also announced an increase in the GST registration threshold from 1 million rufiyaa to 1.5 million rufiyaa, effective January 1. Other measures include a tax offset mechanism, where taxes owed to the government can be offset against money owed by the government to the business, and a waiver of import duties on raw materials for production, effective January 1, 2027. The second phase of a special loan scheme for young entrepreneurs will commence in November. President Muizzu emphasized the government's commitment to an inclusive society, ensuring equal opportunities for persons with disabilities to participate in the national economy.