The rules were changed on Tuesday to require all money to be deposited into the Tourism Trust Fund before extending the construction period of islands leased for resort development.
The rules on extending the construction period of resort properties previously stated that the Corporate Social Responsibility (CSR) payment to the government could be paid in three years. The money is also divided up to four quarters a year.
However, with the change in the rules brought by the tourism ministry, the construction period will be extended when the CSR money is deposited in the tourism trust fund. The amount of CSR payable depends on the zone in which the island is located, the duration of the extension and the size of the island.
The amount ranges from USD 1,500 to USD 10,000.
The rule was made to waive the previously imposed heavy penalties and facilitate the completion of the resorts.
