President Ibrahim Mohamed Solih has ratified an amendment to the Tourism Act to facilitate the lease of land to island councils for market value.
According to the President's Office, 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.
Under the amendment, regulations to be formulated in connection with the amendments to the Tourism Act must be made within six months from the Act coming into force and published in the Government Gazette.
The amendment passed by the People's Majlis at the 22nd sitting of its second session this year has come into effect.
The amendment further states that before the end of 12 month from the Act coming into effect, the permit spelt out by the Tourism Ministry to operate tourist hotels, tourist guesthouses and yacht marinas registered to accommodate tourists must be changed according to the latest amendment. The current permits can be used until the end of this period.