President ratifies the 11th amendment to the Tourism Act
4 ޖުލައި 2022 | ހޯމަ 11:36With the bill's ratification, the Act has been published in the Government Gazette and is in effect
President Ibrahim Mohamed Solih
President Ibrahim Mohamed Solih has ratified the 11th amendment to the Maldives Tourism Act.
President Solih ratified the 11th amendment to the Maldives Tourism Act on Sunday.
Parliament passed the amendment in the 22nd sitting of its second session on June 30, 2022.
The amendment outlines the provisions to determine the market value of shares of tourist facilities leased under joint ventures to ensure the interests of all stakeholders in the event of a buyback or sale of shares. It also empowers local councils to determine the market value of land under their administrative jurisdiction in the most profitable way when being leased for tourism development.
The amendment also mandates the relevant ministry to draw up and publish all necessary regulations required by the amendment within six months of its enactment. It also gives the relevant ministry a twelve-month period to revise the lease agreements of all tourism facilities as per the amendment. It also outlines that the duration of the lease specified in lease agreements of tourist facilities should remain unchanged.
With the bill's ratification, the Act has been published in the Government Gazette and has come into effect.
