Govt to introduce two-year incentive scheme for SMEs
He said the move follows concerns raised by small and medium business owners during meetings with the President.
Economic Development Minister Mohamed Saeed said on Thursday that President Mohamed Muizzu has decided to introduce special incentives for small and medium enterprises (SMEs) for a period of two years.
Speaking at a press conference at the President’s Office, Saeed said the decision was taken following discussions at the Cabinet meeting held on Wednesday. He said the move follows concerns raised by small and medium business owners during meetings with the President.
Saeed said business owners had shared a range of issues with the President, including challenges related to government agencies and institutions such as the Maldives Inland Revenue Authority (MIRA), Maldives Customs Service, Maldives Ports Limited (MPL) and Maldives Airports Company Limited (MACL).
He said the incentives are intended to address the needs of businesses while also taking into account the requirements of the state over the next two years.
“The President has allocated a two-year period for special incentives for SMEs,” Saeed said, adding that the measures are aimed at supporting small businesses.
During the meetings, business owners also raised concerns about outstanding payments owed by state-owned companies. They asked that such liabilities be offset against taxes payable to the state, noting that they are required to pay taxes to MIRA despite delays in receiving payments for work completed for government entities.
Saeed said the President has stated that the government will examine what measures can be taken within the legal framework and consider possible concessions.
