Panama Considers More Incentives for Tourism Sector
A new initiative from the country's Tourism Authority (ATP) will, if approved, provide the sector with even more incentives.
Thursday, September 2, 2010
The project seeks to create one legislation combining all the regulations, certifications and incentives that currently exist for the sector, as well as incorporate new ones.
A bill is being prepared that introduces incentives for organizing conventions and 20 year tax exemptions for hotels investing at least $20 million and who register within three months after the law’s approval.
A draft bill proposes restoring and expanding tax breaks, especially for new ventures in the sector.
In Panama, Desarrollo Golf Coronado has been accused of possible falsification of public documents and irregular use of tax exemptions for tourism.
The amount of minimum investment required in the Tourism bill in order to be able to access tax incentives in Panama will be reduced to $250 thousand.
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