Fayyaz Says SEZ Amendment Will Harm Tourism, Favour Select Projects

Opposition MDP Chairperson Fayyaz Ismail criticized the Muizzu government's proposed amendment to the Special Economic Zones Act, warning it will cause revenue loss and favor select tourism projects. He noted that the Sustainable Township project in Noonu Atoll was initially secured in December 2022 without concessions. Fayyaz highlighted that the previous MDP government proposed a 4% property transfer tax across all tourism real estate in June 2023, but the current administration withdrew it in November 2023. The SEZ amendment offers tax concessions for Sustainable Townships, including lower property transfer and business taxes. Critics argue it undermines the existing tax framework.

Opposition MDP Chairperson Fayyaz Ismail criticized the Muizzu government's proposed amendment to the Special Economic Zones Act, warning it will cause revenue loss and favor select tourism projects. He noted that the Sustainable Township project in Noonu Atoll was initially secured in December 2022 without concessions. Fayyaz highlighted that the previous MDP government proposed a 4% property transfer tax across all tourism real estate in June 2023, but the current administration withdrew it in November 2023. The SEZ amendment offers tax concessions for Sustainable Townships, including lower property transfer and business taxes. Critics argue it undermines the existing tax framework.

Opposition MDP Chairperson Fayyaz Ismail criticized the Muizzu government's proposed amendment to the Special Economic Zones Act, warning it will cause revenue loss and favor select tourism projects. He noted that the Sustainable Township project in Noonu Atoll was initially secured in December 2022 without concessions. Fayyaz highlighted that the previous MDP government proposed a 4% property transfer tax across all tourism real estate in June 2023, but the current administration withdrew it in November 2023. The SEZ amendment offers tax concessions for Sustainable Townships, including lower property transfer and business taxes. Critics argue it undermines the existing tax framework.

This story involves 1 source and may affect public understanding of sez / economy.