Ministry of Tourism Reduces Rent Fines for Tourist Facilities
A Relief for Tourism-based Businesses
Ministry of Tourism in the Maldives has cutback on the fines imposed on late rent payments by properties belonging to tourist establishments. According to the new revisions, tourist properties such as Naladhu Private Island Maldives must pay a fine of 0.0493% per day after the payment deadline as opposed to the previously charged 0.5 percent. For each quarter of the fiscal year, the Maldivian government collects land rent from guesthouses, hotels, and resorts that may include a Maldives ocean villa with pool access.
As part of managing the built-up debt on tourist establishments due to the prevailing pandemic, the government has also had a former decision to suspend lease payments on resorts for a minimum of six months, along with payments for utility bills.