The government has decided to exempt foreign companies executing 19 massive infrastructure development projects in the Maldives from paying income tax. This decision was made under the special authority granted to the President by the Income Tax Act, which allows for the exemption of taxes on income derived from specific projects or industries. This list includes projects granted exemptions by the previous administration of President Ibrahim Mohamed Solih as well as those granted by the current administration.

Many of the projects granted tax exemptions are being conducted under the Line of Credit from the Export-Import Bank of India (Exim Bank) and various “Foreign Investment Agreements” established with different nations. Consequently, the Maldivian government has waived the taxes related to these projects in accordance with the terms of those agreements.

Among the largest projects to receive tax waivers are the MVR 8.17 billion Thilamalé Bridge project (Afcons), the Hanimaadhoo International Airport development project (JMC), and the construction of 4,000 social housing units in Hulhumalé. Additionally, the list includes the Saudi Binladin Group, which is working on the new terminal at Velana International Airport, as well as road construction and land reclamation projects in Addu City, and foreign companies contracted to establish water and sewerage systems across various atolls.