President Mohamed Nasheed has today ratified the Second Amendment Bill on the Tourism Act. The Bill was passed by the People’s Majlis on 26 August.
Following ratification, the bill has been published in the Government Gazette.
The Second Amendment to Tourism Act stipulates rent charges to be paid to the government by tourist resorts, tourist hotels and tourist guest houses.
Under the Amendment Act, if rent charged from land smaller than 200,000 square metres is more than US$1 million, the rent is set at US$1 million per year. If the rent charged in less than US$1 million, the rent is set at a rate of US$8 per square metre.
The Act also stipulates that US$1.5 million per year is charged for 200,001 to 400,000 square metres, while where rent of land larger than 400,001 square metres is more than US$2 million, the rent of the land is set at US$2 million per year.
