Malé, Maldives – The Tourism Ministry has announced the opportunity for companies who have taken islands on lease for resort develop to extend the payment period for their fine on rent.
The Ministry previously extended the rent payment period by three months for companies who were unable to do so and had fines adding up. They ministry has yet again given that opportunity for such companies. Companies who wish to extend their fine payment on the lease of land for resort development have the opportunity to do so till June 17.
The Tourism Ministry has currently leased 115 islands for resort development out of which development has been temporarily stopped in 70 islands due to which there are huge amounts of fine to be paid by these companies. Tourism Ministry stated that this extension on the payment period is provided to lighten the load on as many people as possible during the pandemic.
According to the new law by the Tourism Ministry, companies have to pay their rent every three months. A delay in the payment may result in an increase of 182 percent of the original value. Is the company is not being able to complete the payments within the extended time period, an additional 18 percent. However, with the new amendments to the law, the 18 percent increase is no longer charged.
In addition to this, this release on the payment is given if the company agrees to finish the resort development within 3 years. If the development is not completed by then, the agreement is to be terminated according to the ministry.
