As the new year begins, the government has introduced and revised several services geared towards businesses and the economic sector. President Dr Mohamed Muizzu has announced that targeted efforts to support and promote small and medium enterprises (SMEs) will come into effect from 1 January.
The key measures to be implemented are derived from concerns raised by SME representatives on 17 December last year at a meeting with the President. These initiatives include increasing the demurrage-free period for imported goods from 80 hours to 124 hours, extending customs clearance services to 24 hours, allowing individuals to submit their own customs declarations, registering businesses renting accommodation to locals and work visa holders, stronger rules to address customs pricing as well as addressing the irregular use of vehicles imported under duty exemptions for projects.
Measures approved for phased implementation include amendments to give priority to SMEs in government tenders, reduced waste disposal fees for SMEs by the Waste Management Corporation (WAMCO) from February onwards, and affordable storage solutions for SMEs in three regions across the country.
Over the next two years, the government will take special efforts to implement SME-focused measures, aiming to create a favourable environment for these businesses to flourish in.