Special Economic Zone Bill passed

Special Economic Zone Bill has been passed by the review committee annulling every article that contradicts the bill.

The Special Economic Zone bill was made giving the bill the power of 14 laws already applied. In this regard, the powers are taken from foreign investment law, export import law, duty exemption law, Maldives monetary authority law, uninhabited islands regulations law,Tourism law, land law, Tax law, banking law, customs law, GST law, finance law, and other similar laws.

During the committee phase, PPM and MDA members noted that the acts of the SEZ bill was very important for the development of the country. In this regard, they stated that this law will create the right environment for foreign investors.

According to opposition MDP, Bill on Special Economic Zones widens opportunities for the government to renege on transparency in executing transactions, to waive regulatory supervision, and to avoid due diligence from political opponents, thereby creating numerous instances for undermining the independence and sovereignty of the Maldives.

MPs of the MDP and Jumhooree Party (JP) boycotted sessions of the Committee on Economic Affairs of the Peoples Majlis to which they say was to protest the hasty manner in which MPs affiliated to the current PPM government were violating in-house regulations to expedite and coerce undue passage of the bill.