After it was announced that incentives would be given to cruise lines that establish their base port in one of the country's maritime terminals, Lindblad Expeditions expressed its intention to operate cruises from the ports of Cristobal and Amador.
According to the letter of intent that was sent, it is 6 operations in the year 2021 and 14 operations for 2022 of Lindblad Expeditions that operates its adventure cruises with National Geographic and Ancon Expeditions in Panama.
In Panama, a bill was approved that will grant tax exemptions until 2025 to those who make investments in hotels and recreational activities.
On December 31st, President Cortizo sanctioned the bill that provides tax incentives to the tourism sector by modifying some of Law 80 of November 8th, 2012.
In the context of a considerable fall in foreign investment in the sector in Costa Rica, the situation could be further complicated by the elimination of tax incentives that tax reform is bringing along.
Figures from the Central Bank of Costa Rica (BCCR) detail that after reporting $443 million in foreign direct investment in tourism in 2017, this figure decreased dramatically last year, registering only $23 million.
In Panama, a law was approved that will grant tax incentives until 2025 to businessmen who invest in hotels and recreational activities.
Between the most important incentives that contemplates the law project 696 that was approved in third debate, it emphasizes the exoneration of the tax of material import, for the constructions of accommodations or inns for the tourism made in the interior of the country.
An initiative put forward by the Executive Power proposes to create a registry of tourism companies and include more businesses in the tax incentive programs.
The bill presented by the Executive Branch also includes the creation of a new entity, which would be called the National Tourism Council (CNT), and would consist of public and private sectors.
Almost five years after the Tourism Benefits Act was approved outside of the District of Panama, it has been announced that the regulation will be ready in the coming weeks.
The regulation of Law 80 of 2012 was prepared by the Tourism Authority of Panama (ATP) and has been sent to the Ministry of Commerce and Industries for approval. The document establishes the requirements that investment projects and tourist activities outside of the district of Panama must meet, in order to be eligible for tax exemptions.
A draft bill proposed by the Executive includes the exemption for five years from import tax on goods needed to start development of tourism projects.
The bill that has been promoted by the Inguat since last year includes several incentives such as tax exemptions and others, but it has not yet been agreed with companies in the tourism sector.
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 theincentivesincluded 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."
Between August and September a new law could be approved that would grant exemptions and other incentives to investments in hotel infrastructure and other tourist activities.
The tourism incentives bill was presented by President Hernández to the National Congress, which expects to complete the approval process no later than September.If approved, the new law would grant various tax benefits and incentives to investors developing tourism projects.
A bill being prepared by the government proposes granting tax exemptions and other incentives on investments made in hotel infrastructure and other activities in the tourism sector.
Among the incentives included in the bill are a decrease in the payment of income tax, elimination of import taxes and"... charges on the sale of land for hotel construction."
The delay in the approval of the regulations of Law 80, which should be ready in August, has prevented employers from taking advantage of incentives to invest inside the country.
Law 80 came intoforce in March 2015and the lack of its rules has delayed the implementation of incentives for the construction of hotels within the country.The law establishes a total exemption fromtaxon imports, for a period of five years, for building materials and 10 years for the entry of materials, basic tools, furniture and equipment, plus incentives for construction of tourist marinas and docks.
Hoteliers have suggested making Panama a "duty free" zone for tourists, eliminating customs and import duties and refunding ITBMS to visitors.
Faced with the loss of competitiveness in the Panama hotel sector, entrepreneurs are asking for customs and import taxes to be eliminated, and tourists to be refunded the ITBMS charged when leaving the country.
Growth of 9% per year is part of the rewards brought about by incentives for the sector and the opening up of government by working in partnership with private enterprise.
Incentives for tourism have been vital to the creation of new projects in this sector. This is the view of Leonardo Torres, president of the Nicaraguan Chamber of Small and Medium Tourism Enterprises (Cantur), who spoke to Elnuevodiario.com.ni.
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 Tourism Incentives, which, drowning in bureaucracy, is unable to hold sesion because a new president has not been formally chosen.
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. "