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Parliament passed amendments to the Tourism Act, extending the period for leasing villages or land for low-cost tourism purposes.
The Tourism Law Amendment Bill was introduced by MP Abdullah Rashid on behalf of the government. After considering the bill, the committee passed it on Thursday.
The full House committee reviewed the bill and submitted its report. The bill was passed by the full House committee with 76 members voting in favor of the bill. No member voted against it.
Current tourism laws require that any extension of a town or land lease for tourism purposes cost $200,000 for each year of extension, plus a one-time $10 million extension fee.
However, now the law has been changed, within 6 months of the bill being passed and taking effect, you will be required to pay half of the current rate if you agree to a lump sum payment. This includes a $100,000 payment for each additional year, plus a $5 million extension fee.
However, if you wish to extend the term after 6 months from the effective date of this amendment, you must pay $200,000 for each additional year. An extension fee of $10,000,000 is payable.
The purpose of the amendment to the Tourism Law is to provide investors with a green light to extend the lease period of villages or resorts used for tourism purposes.
Under the current Tourism Law, villages and land allocated for the construction of a tourist resort or integrated tourist resort may be leased for a maximum of 50 (fifty) years from the date the village or land is handed over to the lessee.
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