Government withdraws decision to reduce resort rent

The Economic Council of the Government of the Maldives has decided not to reduce the rates of tourism land rent as proposed in the amendment bill to the Tourism Act.

The decision was made following concerns that the reduced rates for tourism land rent would bring major economic repercussions to the country. As such, concerns were raised by the Maldives Monetary Authority (MMA) that the move would greatly impact state revenue and bring about an economic crisis at a time the country is still recovering from the impact of the COVID-19 pandemic.

Despite the decision to rescind the amendment surrounding reduction of rates on tourism land rent, other proposed amendments will not be withdrawn.