Attracted by the benefits obtained through Law 306, also known as Stimulus Law for the Tourism Industry, 10 new projects where approved so far in 2009, 6 of them are hotels.
Raúl Calvet is the president of Calvet and Associates, a company that assists and advices investors developing projects in Nicaragua. In an article in newspaper La Prensa, he remarks that "tourism investment during the first months of the year is way higher than the figures presented by Intur [Nicaraguan Tourism Institute]". He also states that "Intur only receives one out of each 10 projects, because the requirement of law 306 is kind of complicated, and not everybody does it".
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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