Maldives mandates resorts to exchange $500 per tourist, $25 at guesthouses
A business who fails to exchange foreign currency as per the rules will be fined between MVR 5,000 and MVR 1 million.
Maldives on Tuesday required resorts to exchange $500 per tourist and $25 per tourist at guesthouses.
According to the rules gazetted by the Maldives Monetary Authority (MMA), tourism service providers will have to apply to the MMA for registration within 30 days of registration with MIRA.
In addition, those selling or providing goods and services in the tourism sector will be required to share details of the services and goods sold or provided with the authority before the 28th of the following month as determined by the MMA.
According to the rules, a certain amount of foreign currency income must be exchanged within a certain amount. They include:
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Category A tourism service providers shall exchange the total tourist arrivals during the month at the rate of $500 per tourist during the month through a bank before the 28th day of the third month following the month
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Category B tourism service providers will have to exchange foreign currency in the same way; However, it is at a rate of $25 per tourist
Category A includes resorts, integrated resorts, resort hotels, hotels, tourist vehicles and other such places that are subject to green tax under the Tourism Act.
Category B includes guesthouses and hotels in residential areas with 50 rooms or less.
In addition, tourism service providers are required to deposit foreign exchange earned during a month along with realised sales proceeds into a foreign exchange account opened in a bank before the 28th day of the third month following the month.
The deposit must be made in dollars or other foreign currency permitted by the MMA.
A business who fails to exchange foreign currency as per the rules will be fined between MVR 5,000 and MVR 1 million.
