The proposal provides a reduction to $ 10 thousand minimum investment in order to receive tax benefits and a reduction of between 25 to 30% in electricity rates and drinking water.
With the current law, the minimum investment required per project, including land, for "mayor lodges" in the urban area of the capital of $ 500 thousand and for the rest of the country is $ 150,000. For the "minor lodges” the minimum is $ 100 thousand in urban areas and $ 50 thousand in the rest of the country.
With the reforms, "... for small and medium size companies, provided they are accredited with the Nicaraguan Institute of Tourism, these minimum amounts are reduced by 40 percent,” according to Laprensa.com.ni.
The reform plan reduces the minimum amount of investment required to access government incentives.
The proposed amendment is to reduce to $ 25,000 the investment in tourism to access tax incentives. Currently the amount is $ 50,000.
This reform (which amends Article 36 of the Tourism Law) "seeks to be extended for only two years and sets a deadline of December 30 to deliver to the Legislative Assembly for discussion and subsequent approval," reports Laprensagrafica.com article.
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