MSMEs exempt from paying fee for up to 20 quotas

Micro, Small and Medium Enterprises (MSMEs) have been granted exemption from paying quota fees for up to 20 quotas.

Businesses are required to pay an annual quota fee of MVR 2,000 for expatriate workers.

But an amendment to the regulation on employment of expatriate workers on April 1 exempts MSMEs from paying the fee for up to 20 quotas. However, they will be required to pay the fee for quotas exceeding this number.

Meanwhile, the quota fee exemption will not apply to MSMEs involving a shareholder, owner, director or partner of an MSME that is already enjoying the exemption.

In a statement on Wednesday, the Homeland Security Ministry said that MSMEs may now apply for the exemption via the Xpat system.

According to the ministry, the change will benefit over 30,000 MSMEs.