Employers claim that at least six projects have been delayed pending analysis by the Board of Tourism Incentives, which has not been in session since the departure of its president two months ago.
There are at least six investment projects in the tourism sector that should have been analyzed by the Board of TourismIncentives, which, drowning in bureaucracy, is unable to hold sesion because a new president has not been formally chosen.
Between January and November 30th tax breaks for private investment projects were approved as well as 9 public ones, estimated at $95.7 million, up 125% compared to the same period in 2013.
Added to the approval for incentives for investments worth $95.7 million are more supplies for tourism, including 12 hotels, adding 283 new rooms. It is expected that by the end of 2014 incentives for investment in tourism will reach $100 million.
So far this year $82 million has been invested in tourism projects outside of Panama City, but the business sector has indicated there are obstacles to further development.
Law 80 of 2012, which provides tax incentives for tourism investment outside of Panama City has produced results, say entrepreneurs, but government support is still needed to remove some obstacles that prevent the development of tourism outside the capital from being even greater.
The current law provides a number of incentives for tourism but does not include some segments such as medical tourism and residential real estate for foreigners.
Two years ago the private sector promoted a law reform but it was not successful, which is why the Government is now taking up the issue again after an analysis of the current situation of the sector. Lucy Valenti, from the National Chamber of Tourism (Canatur) said that some tourism activities are not covered by the current legislation, and that reform is needed.
In Panama, Desarrollo Golf Coronado has been accused of possible falsification of public documents and irregular use of tax exemptions for tourism.
An article in Panamaamerica.com reports that the Tourism Authority of Panama (ATP) found in the course of an investigation that Desarrollo Golf Coronado included in its list of beneficiaries of tax incentives for the tourism industry two farms that did not belong to the hotel project. The benefits include 20-year exemption from paying property tax on land and improvements owned by the company. "
In Nicaragua exemptions and tax credits for tourism activities can be exploited only by large investors.
Writing in Prensa.com.ni, businessman Rafael Córdova examines the actual results of the implementation of Act 306 of 1999 which declares tourism as an industry and characterizes it as an activity in the national interest.
The government, through the Ministry of Education, has presented a bill that would reactivate the tax incentives that have been suspended since August 2007.
The proposal would not only revive the system of incentives, but also encourages owners to improve their properties, and implements enforcement mechanisms for those who desist from renovating buildings declared as cultural heritage.
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.
The Tourism Authority of Panama (ATP) has agreed to reduce from one million dollars to $250,000 the minimum amount of investment required to obtain tax incentives when building a hotel outside the district of Panama.
A draft bill proposes restoring and expanding tax breaks, especially for new ventures in the sector.
The government of Honduras is preparing a legal reform to the Tourism Act, a bill called "An Act to Update the Honduran Institute of Tourism, the Tourism Development and Update of Legal Rules in the Field of Tourism", reports Elheraldo.hn.
Small and medium entrepreneurs in tourism and hotels are demand that a new bill include measures favorable to its segment and is not only conducive to large investors.
Representatives of the aforementioned industry complained that a new draft law which will be discussed by the National Assembly is exclusive and does not give economic benefits, reported Panamaamerica.com.pa.
Sustainable 70 Acre Coffee Farm, San Ramon, Costa Rica Coffee Estate, development property with 20 titled lots, ready to develop with roads, water and power. Great Location, close to everything. Ideal area for living or developing an ecologically...
The hotel is immersed in 45 hectares of primary and secondary forest , at the foot of the majestic Arenal Volcano , which makes it a true oasis of peace, enriched by an exuberant vegetation and diverse fauna. Montaña de Fuego has become one of the most beautiful hotels in the area, with one of the most privileged panoramic views of the Arenal Volcano.
Operates in Costa Rica, Honduras and Panama
Phone: (506) 2479 1220 - (506) 2479 1220
We are one of the best luxury hotels in San Jose, we have five-stars for business or pleasure travel.
Operates in Panama, Nicaragua, Honduras, Guatemala, El Salvador and Costa Rica
Phone: (506) 2523 1266 - (506) 8378 1266
ZaGo Solutions works hand in hand with business and private operators that want to establish operations in the Latin American region which require the experience and services of a reliable consultancy firm, to provide them with high quality advisory services, with a wide scope of unique and innovative products, specially designed to help them achieve high levels of competitiveness and profit and accomplish business success.
Operates in Honduras
Phone: (504) 2236 9053 - (504) 9982 3885
Hotel Makanda by the Sea in Costa Rica announced that is has been chosen by the Elegant Small Hotels division of Lanier Publishing International Inc. for the prestigious honor of cover hotel for the 25th Silver Edition Guidebook.