The Auditor General's Office has gazetted a new policy for determining the value of properties leased for tourism purposes when lease agreements expire.

The policy aims to establish the amount payable to leaseholders when resorts or tourism facilities are handed back to the State at the end of their lease periods.

Under the policy, assessments will cover properties that remain operational at the time the lease expires, premises where services have been suspended, and assets that are excluded from valuation. For operational facilities, valuations will include goods and services directly related to operations and listed in the inventory maintained during the lease period.

The policy also requires the Ministry of Tourism to instruct leaseholders to hand over tourism properties within 90 days.

Valuation reports must be prepared in line with standards set by the Auditor General's Office and submitted to the Office for review. Any matters not specifically addressed in the policy will be decided by the Auditor General's Office.