Tourism Act passed

Friday, August 27th, 2010

Amendment to Tourism Act has been passed in yesterdays sitting at People’s Majlis.

Amendment to the bill was passed by a committee consisting of all the MPs.

Tourism Act states that resorts can be leased for 99 years, under the condition that the interested company is registered in Maldives and has sold 55 percent of their shares to the public.

The Act also states that if rent charged from a land smaller than 200,000 square metres is more than US$1 million, the rent of the land is US$1 million per year. While US$8 is charged per square metre a year if the land rent is less than US$1 million, US$1.5 million per year is charged for a 200,000-400,000 square metres land.

According to the Tourism Act if rent charged from a land larger than 400,000 square metres is more than US$2 million, the rent of the land is US$2 million per year.

In yesterdays Majlis session 66 out of 74 members present voted in favour of it.

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