Ilyas Labeeb, the presidential candidate of The Democrats, has pledged to offering significant incentives to individuals interested in investing in tourism development within the northernmost atolls of the Maldives. He made the remark while speaking about his party's manifesto during a campaign event held in Dhidhdhoo, Haa Alifu Atoll.
Speaking at the event, Ilyas stated that investors participating in tourism ventures within the northernmost atolls will benefit from a waiver of the Tourism Goods and Services Tax (TGST) on the value of tourism-related goods and services for the initial three years. Subsequently, he outlined that investors would be required to pay 50% of TGST after the initial three-year period.
Additionally, Ilyas emphasised that enterprises like guesthouses and boutique hotels among small-scale ventures, are poised to yield profits in the Maldives. He affirmed his commitment to extending financial backing and essential provisions to individuals aspiring to operate such establishments. He highlighted that the party's manifesto incorporates a straightforward business policy aimed at streamlining pathways for individuals interested in pursuing such entrepreneurial endeavors.