Sunday 21st Jul 2024
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Govt refunds US$ 2 million for resorts

The Government of Maldives has instructed Maldives Inland Revenue Authority (MIRA) to give a refund for penalties paid by resorts.
The total refund amounts to US$ 2 million or MVR 30.8 million.
Under an amendment to the regulations on tourism lease rent, the penalty rate has been reduced from 0.5 per cent per day to 0.0493 per cent per day. In case there is a delay in lease rent payment, the fines will now be levied at the rate of 0.0493 per cent per day on the amount of lease rent outstanding – causing a sizeable difference in the amounts payable.
A subsequent amendment compels the government to refund resorts if they had paid 0.5 per cent instead of 0.0493 per cent.
As a result, the Government’s Economic Council had passed to refund US$ 2 million to the resorts. An official of MIRA had confirmed the decision to TMJ.
An amendment in February 2022, grants the government discretion to forgo penalties entirely for resorts in operation.