Companies Act, tax system under review: Economic Minister

Economic Minister Ahmed Mohamed has said that the Companies Act, the tax system and the regulation on administrative permit structures for businesses are being reviewed, as part of the efforts to establish a competitive business environment.

Speaking yesterday at the inauguration ceremony of the Consumer Fair, the Minister said that expansion of private businesses is essential in establishing a competitive business environment.

“The Companies Act, the tax system and the regulation on administrative permit structures for businesses are currently under review. Efforts are underway to facilitate the reform necessary for the future,” he said.

He stressed the importance of the establishment of Maldivian businesses at the same level as advancing companies of other countries. He referred to the productive utilisation of technology by companies in developed countries, and said that the use of technology needs to be expanded in the Maldives.