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.

"Projects currently being developed in Panama's 10 designated tourism zones can apply for incentives established in Law No. 8 from 1994 such as 20 tax exemption on furniture and zero tax on the company's profits during the first five years of operation," reports Prensa.com.

The new legislation will keep these incentives and increase them depending on how isolated the development is, according to ATP investment director, Teodolinda Quintero.

More on this topic

Exemptions Removed From Major Tourism Development

December 2012

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. "

Honduras: More Incentives for Tourism

June 2012

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.

Panama Prepares New Incentives for Tourism

March 2012

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.

This week, the National Assembly made public bill number 125 which "establishes rules for incentives to tourism in Panama", after a year of talks between the private sector and government.

New Export Strategy in El Salvador

October 2010

The country aims to increase its exports to 530 products by 2014.

The new goal is part of an export strategy set by the Government which seeks to replace the current subsidy of 6% (Drawback) for foreign sales.

Capitales.com reports, "Authorities have also set other goals mostly related to increasing the number of export destinations from 52 to 60 and increase the number of exporters with sales greater than $500,000 from 428 in 2008 to 540 in 2014."

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