The initiative seeks to establish incentives for tourist lodging, hotel investments and complementary activities such as golf courses, tennis courts, spas, gyms, night clubs, restaurants, convention centers, marinas and swimming pools.
With the passage of this law, hotel projects built outside the district of Panama would enjoy an exemption from import taxes for 20 years. They would also be exempt for the same amount of time from paying property taxes on the land, improvements and operation of docks or airports built by the company. Nor would they be required to pay income taxes for a period of 15 years.
The head of the National Tourism Registry, Magda Durán, explained that the initiative would also classify costs incurred by investors in restoring or maintaining public goods, such as monuments and parks, as deductible expenses.
The official mentioned that more activities can be included, so that municipalities can use the lure of deductible expenses in their attempt to attract investment from companies or individuals.
The project contains 25 articles, and deputy officials expect to approve it before the end of this legislative term.