Panamanian Textile Manufacturers Request Incentives

Panama's textile industry association has asked the government to provide tax incentives in order to maintain production levels.

Wednesday, August 18, 2010

Augusto Corro, president of the association, indicated that the sector is experiencing severe economic problems that put its survival at risk: "We don't want the sector to disappear so we are asking for exemption from taxes on machinery and inputs". comments that, "the difficulties faced by Panama's clothing manufacturers include competition for uniform contracts, which are often granted to international companies, thereby eliminating a potential source of revenue for domestic businesses".

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Honduras: Tax Incentives Approved for Tourism

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The exemption of the payment of several taxes for a term of up to 15 years is one of the benefits granted by the new tourism law approved by the Honduran Congress.

Among the incentives included in the bill recently approved by the Congress of Honduras is a decrease in the payment of income tax, elimination of import taxes and "... taxes on the sale of land for hotel construction."

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Writing in, 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.

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They new regulation would exonerate direct and indirect taxes, contributions, rights and obligations.

The exoneration don't include social security fees, education insurance, professional risks insurance, sales tax and workers insurance; noted

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