President Ibrahim Mohamed Solih on Sunday ratified the 11th amendment to the Maldives Tourism Act (Act No. 2/99).
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.
Parliament passed the amendment in the 22nd sitting of its second session on June 30, 2022. With the bill's ratification, the Act has been published in the Government Gazette and is in effect.
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.
Parliament passed the amendment in the 22nd sitting of its second session on June 30, 2022. With the bill's ratification, the Act has been published in the Government Gazette and is in effect.
