Regulation & duties
Resorts face tighter dollar rules as the Monetary Authority and tax office press for compliance
A 40 per cent currency-conversion requirement has applied since 1 September, and MIRA said on 11 November that it is already auditing resorts.
Regulation & duties · 2026-11-11 · Drafted with AI assistance and edited by the newsroom
Since 1 September 2026, Category A tourism establishments, including resorts, have had to convert 40 per cent of their monthly gross foreign-currency sales into rufiyaa through banks licensed by the Maldives Monetary Authority (MMA), at MVR 15.42 to the US dollar. The rule came with an amendment to the Foreign Currency Act that President Muizzu ratified on 31 August. According to Gulf News, the MMA had proposed 20 per cent in early August; the Maldives Association of Tourism Industry, which represents 146 of 183 resorts, had argued for a ceiling of 10 per cent and called 40 per cent not viable.
On 11 November, MMA Governor Ahmed Munawwar told Parliament's Budget Committee that about $3.8 billion of roughly $5.9 billion in revenue, 65 per cent, enters the banking system. Citing MIRA figures, he said that of 185 resorts only about 50 pay business profit tax, and that resorts and other dollar earners have been told to open designated accounts, with oversight tightening next year.
The Maldives Inland Revenue Authority (MIRA) replied that it is already auditing tourism businesses and resorts as well as other sectors, chosen through a risk-based approach, and that it will take action against anyone who deliberately fails to pay tax.