Bill presented to ensure dollar income profits the state

Picture of the Maldivian Parliament | Photo: Majlis

Malé, Maldives – MP of Manadhoo Constituency Ahmed Haaroon has presented a bill to the parliament requesting to find solutions to concerns as dollar income from businesses in Maldives are being deposited to foreign banks.

The bill presented by MP Haaroon noted the usage of foreign POS saying that the income from tourist bookings to Maldives are also being deposited to foreign banks. The bill stated that due to these issues, the rightful income to the government from these businesses are not received.

According to MP Haaroon, while trade worth USD 4.1 billion took place in Maldives during the year 2019, there was no way to confirm exactly how much was received by the state and how much was deposited to foreign sources.

It is vital to impose a law such that only the POS from a bank registered under the Maldives Monetary Authority (MMA) can be used for the businesses to obtain profits in order to ensure that the profit from sales and other profits from businesses within Maldives is monitored by the financial system of the country.

MP Haaroon, Manadhoo Constituency

In addition to this, MP Haaroon called out to establish a financial system that allows transaction via online services to also be entered into the financial system of the country. He stressed on the importance of firm action to monitor foreign currency movement in the country and noted that required, laws concerning this issue should also be made.