Tourism Ministry of Maldives has planned to extend the settlement period for land acquisition fee - which is collected prior to tourism-sector developments on lands.
Under the new regulations of the land acquisition act by the ministry, it holds rights of extending the settlement period for fee should the proprietor fail to produce the fee before the initial due. Businesses are mandated to inform the ministry of any financial setbacks hindering their settlement process, thus by requesting for extension via letter.
The ministry had also subjected an extension request fee of USD 1,000 which needs to settled according to the government body's disclosing.
Tourism Ministry confirmed that the tourism land acquisition fee will be extended maximum to a 45 day period from the initial duration.
The government is carrying out a wide-scale initiative to boost local tourism by renting and leasing lands, lagoons and islands to various proprietors and ventures for resort and hotels development. A total of 26 lagoons will be reclaimed from capital Male' atoll within the current year - which are all planned for tourism prospects.
Meanwhile government has estimated an income of nearly USD 40 million from two lagoons reclaimed from Haa Dhaal atoll for resort development - the northern hub which does not include a single hospitality venture til date.
State garnered more than USD 500 million in revenue as tourism land acquisition fee in 2017.