The government has decided to exempt the duties for 15 years if the investment cost is equal to or above USD 100 million.
According to the website of the President’s Office, this decision was made under the authority given to the President to exempt import duty or to exempt part of the import duty in the Export import Act’s 8th articles clause (a) and (b).
According to the law, the President can exempt maximum 10 years duty if the investment cost is between USD 75 million and USD 100 million. And if the investment cost is between USD 50 an USD 75 million the president can exempt maximum 7 years.
If the investment is between USD 25 and USD 50 then the President can exempt maximum 5 years duty.
And if the investment is between USD 2 million and USD 25 million then the President can exempt 3 years.
According to this law, duties can be exempted from investments that can decrease and increase import to Maldives, investments that introduce new technologies and economic trades to Maldives, investments that expand the economy of Maldives, investments that crease job opportunities, investments that bring prosperity to the lives of the common people, investments that generate more foreign income to the Maldives and similar.