Tax incentives foster tourism development in Panama
Law #8 promotes tourism activities in the country by offering tax relief on imports, real estate and capital investments, to name a few.
Thursday, August 7, 2008
A report by the Panama Tourism Institute (IPAT) reveals that 12 investment projects totaling $92.5 million have been approved.
The government has launched an aggressive plan to promote investments in two areas of most interest to tourism: the former U.S. base in Sherman, in the Caribbean, and Amador, on the banks of the Canal on the Pacific side.
Private investors are working on a US$300 million project to turn Lake Ilopango into a top tourist destination.
The Government is looking at unifying into a single tender the building of a new convention center and cruise ship dock in Amador.
The latest law of incentives created by the panamanian government is Law #58 of December 28 2006, which was implemented to promote tourism development which previously had no incentives.
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