Maldives Ends Bonding Option for Tobacco

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Tobacco products can no longer be bonded in the Maldives following an amendment of the island nation’s customs regulations, reports The Edition.

Bonding allows companies to store imported products in a warehouse without having to immediately pay import duties. The goods are kept “in bond” under customs control until they are taken out of the warehouse for sale or distribution within the country.

Following the change of rules, importers of tobacco products in Maldives must pay import duties as a lump sum in one go when goods are cleared within the set timeframe.

The amendment also changes the penalties for fraudulent imports. Individuals or organization caught bringing products into the country without inward and outward cargo manifests risk a fine of MVR200,000 ($12,937) per instance.

These regulations also impose a fine of MVR100,000 if the vessel carrying goods travels or docks contrary to the documents submitted to customs as the place of port, route or area used to enter Maldives. Mariners who turn of their vessels automatic identification system risk a fine of MVR200,000.

Last month, the government announced  a ban on e-cigarettes, set to take effect between Nov. 15, 2024, and Dec. 15, 2024. It also raised duties on cigarettes and roll-your-own tobacco.