Reference is made to the Ministry’s announcement number (IUL) 88-PS/88/2024/36 dated (30th May 2024).

The calculation of Lease Acquisition Costs for Islands/lagoons/Plots of Land for the atolls North Thiladhunmathi Atoll (Haa Alif), South Thiladhunmathi Atoll (Haa Dhaalu), North Miladhunmadulu (Shaviyani), Kolhumadulu (Thaa), Hahdhunmathi (Laamu) and Addu City under Regulation Number: R-69/2016 (Regulations for Submission of Proposals for Leasing of Islands, Land and Lagoons for Tourism Purposes) published along with the aforementioned announcement have now been revised and published in attachment with this announcement.

The revised concession rates shall be applicable exclusively to Islands/lagoons/Plots of Land located in Haa Alif, Haa Dhaalu, Shaviyani, Thaa, Laamu, and Addu City. These concessions shall remain in effect for a period of two (2) years from the date of publication of this announcement.

Hence, the new formula has been publicly announced and is included as an attachment to this announcement.