The government will establish special tax-free zones for small and medium-sized enterprises (SMEs) starting on 1 January next year. The President announced that the first pilot project will run for three years in Addu City.
Businesses operating within this special zone will receive major financial incentives. The government will waive land rent completely for the first year, exempt businesses from income tax, and offer employee quota relaxations ranging from 20 to 30.
The initiative aims to ease operational costs for small businesses, stimulate local commerce, and boost economic growth in the southern region.
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