The new law will come into effect after it is published in the official government Gazette, however lawmakers mus approve the project in a second round of voting and it must be signed by the President.

According to projections from the ICT, around $25 million should be collecting in taxes during the first year.

Source: Nacion.com

More on this topic

Airbnb, Taxes and Tourism

February 2018

The company would be willing to charge the lodging tax in Panama if the restrictions on the rental of real estate for tourism purposes were eliminated, and if the data on property owners was protected.

These are the conditions that representatives of the property rental platform proposed to the Panamanian government to begin negotiating the possible collection of the 10% lodging tax, also paid by hotels, in order to formalize their operation in the country.

Costa Rica: Vacation Rentals Must Pay Taxes

January 2017

The new law against tax fraud obliges anyone renting houses and flats for less than 30 days to register and pay sales and income taxes.

Services of renting houses, apartments and condominiums for periods less of than one month must pay sales and income taxes, and those who carry out such activities must register as taxpayers of the two taxes, in order to not be subject to fines.

Nicaragua: Less Investment in Hotels

May 2010

In the first four months of the year just three hotel projects were approved, for $1.67 million.

Intur, the Nicaraguan Tourism Institute, reported that these projects will be developed in the cities of Managua, Rivas and Granada. They add 42 hotel rooms to the country.

A total 9 projects were approved under the Law 306, which introduced incentives to investments in tourism.

Panama: $1.76 billion in new hotel projects

September 2008

The Panama Tourism Institute (Ipat) received 56 new hotel projects between August 27 and 30.

According to a report from Ipat to which La Prensa had access, these hotels will generate 8,207 jobs and create 5,938 rooms. If these new projects are added to those that are already in process or those that have not yet been registered at the National Registry, the Panama Tourism Authority has a portfolio of 104 projects which is equal to an investment of $3.63 billion that will generate 16,039 jobs and 22,227 rooms.