Resort lease can only be revised after implementing tax law - President

Although the lease of the resorts is higher, it can only be revised after implementing the new tax law, according to the President Nasheed. During a press conference held after president’s official visit to UK, president said that since the lease is set out by an agreement between the resort owner and the government the lease cannot be revised immediately. “When we start corporate tax instead of high resort lease, Government would get more revenue than it is earning now. It will also provide more opportunities for the resort owner to develop the resort” said the President. President also acknowledged that the lease and taxes which government levies on resort owners are very high and that had created some obstacles in marketing them. He also assured that those barriers would be removed. During a press conference held before leaving Italy on an official visit, President had committed to advertise Maldives to mid-markets as well. During that press conference President stated that from 1994 – 2004 Italian tourist arrivals had fallen by 20% and he said that it is the result of increased government taxes levied on the resort owners. miadhu.com.mv