The Ministry of Tourism announced a waiver of MVR 4 billion in fines levied on under-construction resorts due to non-payment of rent.
Minister of Tourism Abdulla Mausoom confirmed this reduction during the recent restructuring of the resort rental fine.
Mausoom said this relief was granted exclusively to resorts that have not started its operations formally. However, resorts subject to penalties unrelated to rental dues would not be entitled for this waiver.
“It’s an enormous amount. Being fined for not constructing and not meeting the rental amount was challenging. We are charting a new course forward in this matter,” the minister said, highlighting the sentiment about the heavy daily fine of 0.5 per cent currently placed on the tourism industry.
Amid the Covid-19 pandemic, the 0.5 per cent daily fine was moderately reduced to 0.0493 per cent.
Maldives Inland Revenue Authority (MIRA) was informed of the waiver last month.
While the reduced 0.0493 per cent fine stands, the ministry has not disclosed the exact number of tourist resorts that will benefit from the exemption.