The Parliament’s Whole House Committee on Thursday passed a bill submitted by the government to amend the Tourism Act.

The bill aims to shorten the payment period for extensions for the lease of islands and land issued for tourist resorts from two years to six months.

The debate on the bill in parliament began today. The bill was passed unanimously.

As per the existing tourism law, if a person who has leased an island or land to build a resort or an integrated resort meets certain conditions, the lease period can be extended by another 49 years.

The conditions laid down in the Act are that all fees payable to the government by the tenant should be paid in full as per the agreement with Tourism Ministry.

In addition, the 10th amendment to the act, which came into effect on December 27, 2022, would require an extension fee of USD 5 million within two years of implementation, and USD 10 million as a fee when an application for extension to 99 years after that period is proposed.

The bill says that if the fee for extension is paid after six months have passed since the date of the amendment, it will have to pay USD 10 million in one go.

An extension of the resort's lease period by paying a fee of USD 5 million expires in December, but if the government's current amendment is passed, it will have to pay a fee of USD 5 million instead of USD10 million.