The 11th Amendment to the Tourism Act Officially Ratified by the President

The Maldives Tourism Act (Act No. 2/99), which is in its eleventh amendment, was approved by President Ibrahim Mohamed Solih on Sunday. On June 30, 2022, during the 22nd session of the legislature, the amendment was approved.
 
In order to protect the interests of all parties involved in the event of a buyback or sale of shares, the amendment outlines the provisions to determine the market value of shares of tourist facilities leased under joint ventures. Moreover, it gives local councils the authority to choose the most lucrative method for determining the market value of land under their administrative control when it is being leased for tourism development.
 
Additionally, the amendment requires the relevant ministry to create and publish all necessary regulations within six months of the amendment's enactment. Additionally, it gives the relevant ministry a year to update all leases for tourism facilities in accordance with the amendment.
 
Furthermore, it specifies that the lease terms set forth in lease agreements for tourist facilities should not change. The Act is now in force as a result of the bill's ratification and publication in the Government Gazette.