Committee resolves to complete review of Foreign Currency Bill in a day

Parliament’s Public Accounts Committee, on Wednesday, resolved to complete the review of the Foreign Currency Bill within the span of a day.

The government-backed bill sponsored by the ruling People’s National Congress (PNC)’s parliamentary group leader, Inguraidhoo MP Ibrahim Falah was submitted to the Parliament last Monday.

Only a few lawmakers participated in the preliminary debate on the bill was held at Tuesday’s sitting. It was accepted and forwarded to the Public Accounts Committee with the votes of 51 MPs, with just four MPs voting against it.

The Committee summoned representatives from Maldives Association for Tourism Industry (MATI) for its meeting scheduled for Wednesday to review the bill.

During the meeting, Baarah MP Ibrahim Shujau proposed to complete the review of the bill within one day.

“I propose to complete works on the bill within today. Before 6:00pm today,” he said. The proposal was seconded by North Fuvahmulah MP Hamadh Abdulla. It was ultimately passed by the Committee.

Notably, the meeting is being held behind closed doors at the request of MATI.

The Foreign Currency Bill gives tourist establishments the choice between exchanging the fixed amount per tourist as currently required or exchanging 20 percent of the monthly revenue.

It categorizes tourist establishments into two types.

Category-A tourist establishments are classified as registered resorts, integrated tourist resorts and private islands. Such establishments will need to either exchange USD 500 per tourist or 20 percent of the monthly revenue.

Meanwhile, Category-B tourist establishments are classified as registered tourist vessels, tourist hotels and tourist guesthouses. Such establishments will need to either exchange USD 25 per tourist or 20 percent of the monthly revenue.

Tourist establishments will not be required to exchange USD for tourists who spend less than 24 hours at the establishment, tourists under the age of 10 years - higher than the originally proposed two years, tourists hosted by establishments on a complimentary basis, and tourists hosted by the government.

The final bill also requires non-tourism businesses that generate over USD 15 million in annual USD revenue – lowered from the USD 20 million proposed in the draft bill - to exchange a percentage of its monthly revenue. Such businesses will also need to register with the MMA.