The amendment to the Tourism Act suggesting a reduction in resort rent was withdrawn by the Economic Council on Wednesday.<\/p>\n\n\n\n
According to the government, the decision to lower resort rents was made prior to the Russia-Ukraine incursion and has subsequently been reversed.<\/p>\n\n\n\n
Following public outcry and concerns from financial institutions, the decision was revised.<\/p>\n\n\n\n
During the parliament’s investigation stage, the Governor of the Maldives Monetary Authority (MMA) cited the economic crisis in Sri Lanka as a cautionary tale and warned against lowering resort rents in the face of the Russia-Ukraine invasion’s adverse effects.<\/p>\n\n\n\n
In addition, the Maldives Inland Earnings Authority (MIRA) estimates that if the decision is approved, it will result in a loss of around MVR 590 million, or 40% of typical resort rent revenue.<\/p>\n\n\n\n
MIRA is presently identifying and shaming 13 resorts for MVR 656 million in rent payment arrears.<\/p>\n\n\n\n
While the administration has withdrawn the bill to lower resort rents, the parliament will continue to work on other Tourism Act reforms.<\/p>\n","protected":false},"excerpt":{"rendered":"
The amendment to the Tourism Act suggesting a reduction in resort rent was withdrawn by the Economic Council on Wednesday. According to the government, the decision to lower resort rents was made prior to the Russia-Ukraine incursion and has subsequently been reversed. Following public outcry and concerns from financial institutions, the decision was revised. During … Continue reading “Government retracts proposed amendment on resort rent”<\/span><\/a><\/p>\n","protected":false},"author":11,"featured_media":1935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,1],"tags":[99],"_links":{"self":[{"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/posts\/2700"}],"collection":[{"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/comments?post=2700"}],"version-history":[{"count":1,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/posts\/2700\/revisions"}],"predecessor-version":[{"id":2701,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/posts\/2700\/revisions\/2701"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/media\/1935"}],"wp:attachment":[{"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/media?parent=2700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/categories?post=2700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/tags?post=2700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}