COLOMBO, Jan. 14 (Xinhua) — The Maldives plans to offer tax and land rent concessions to attract investors to less-visited regions of the country, local media reported on Tuesday, quoting Minister of Tourism Ibrahim Faisal.
Faisal stated that the primary challenge in expanding tourism to more remote areas of the Maldives is the slower return on investment, according to PSM News, the official media outlet.
He explained that under current tourism laws and regulations, tax and land rent rates are uniform across the country, regardless of the number of tourists visiting or the potential investment return in specific regions. As a result, investors tend to focus on areas that are already popular with tourists due to the higher returns they offer.
To promote tourism in the country’s remote regions, the government plans to improve connectivity and provide concessions on land rent and taxes in these areas, Faisal said.
He added that efforts are underway to amend the relevant tourism laws and regulations to facilitate these incentives for potential investors.
