Fourth Amendment to the Tourism Land Rent Regulation

On 3 August 2020, the 4th Amendment to the Tourism Land Rent Regulation was published, bringing about a significant reduction to the late payment fine charged with respect to tourism land rent.

1. The Amendment now imposes a fine of 0.0493% of the outstanding rent, for each day of delay in paying land rent by tourist resorts, tourist hotels or tourist guest houses.
2. The fine prior to this Amendment was 0.5% for each day of delay.

 
Effective Date

The Amendment is effective from 3 August 2020.