Reforms to Tourism Incentives Act in Nicaragua

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.

Friday, October 18, 2013

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.

The Law "... establishes a minimum investment of $50 thousand to implement tax incentives, which is beyond the scope of micro, small and medium enterprises The reform proposal is that the new minimum be $10,000," reported Elnuevodiario.com.ni.

For Valenti, some of the issues to be resolved are incentives for integrated projects incorporating hotels, activities, tourist services, the issue of medical tourism and some gaps in relation to the Board of Incentives.



More on this topic

El Salvador: Incentives for Tourism Investments Extended

August 2015

Tourism investments above $25000 and categorized as of national interest will be able to enjoy tax incentives for another five years.

"... They shall be entitled to the following incentives: exemption from taxes on real estate transfer, exemption from customs duties on the import of their goods, exemption from payment of income tax for a period of ten years and partial exclusion of municipal duties imposed for the period of 5 years from the start of operations relating to tourism activities for up to 50% of its value. "

Reforms to Salvadoran Tourism Law Due in 2011

November 2010

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.

Nicaragua: Changes to Tourism Incentives Law

October 2010

The draft amendments to the Law which could be approved before the end of the year, would generate increased investment in the sector.

The proposal provides a reduction to $ 10 thousand minimum investment in order to receive tax benefits and a reduction of between 25 to 30% in electricity rates and drinking water.

Tourism Law Generates $51 Million Investments

July 2009

Between January and May, tourism investment in Nicaragua was 5 times higher than the same period of 2008.

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.

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