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Why Hotels Should Build in Panama’s Interior (But Don’t)

Article Summary:

A new law passed by the National Assembly of Panama provides various incentives to ensure the promotion of tourism in the interior of the nation, in the hopes of balancing hotel investments and product developments with the capital, which accounts for most of the national supply of this sector.

Photo Credit: World Teach

Original Article Text From Caribbean News Digital via Google Translate :

Looking for Hotel Investment and Boost Tourism in the Interior of Panama

A new law passed by the National Assembly of Panama provides various incentives to ensure the promotion of tourism in the interior of the nation, which is to achieve a balance in terms of hotel investments and product developments with respect to the capital, which accounts for most of the national supply of this sector.

In that direction, Act 481, which has been very well received by managers and tourism operators, as reported by a special dispatch the newspaper La Estrella, set to be granted several tax benefits to new provincial lodges have invested more than $ 250,000 in its construction, or more than 100,000 in its expansion and remodeling.

The standard exonerated, for example, import tax to various materials or equipment to be used exclusively in the construction and equipment, and adequately clarifies that no harm to the domestic industry, “because the exemption is granted only if is that the materials are not produced in Panama or do not have the required quantity and quality at a similar price that outside. ”

It also frees the hotels that meet the requirements for a period of ten years, the import tax and selective consumption of certain goods and services they need for their development, among many other facilities.

As explained by the Deputy Minister of the Tourism Authority of Panama (ATP), Ernesto Orillac, so we want to encourage investment and boost the sector in areas of the Central American country that still do not have adequate infrastructure, although its potential in more that known.

Quoted by the same newspaper, the official further clarified that even though this new law is focused on benefiting the provinces and county areas, has been left “a window of three months for the hotels that are under construction in the capital and have invested more than $ 8 million (excluding the cost of the property), the ATP can register and receive these incentives. ”

Review the report that currently exist in Panama a total of 21 000 67 hotel rooms, but 12 000 480 of them are located in the capital of that country.

However, the law is directed not only to the hotel sector, but the overall resort, as it will also apply to travel agents and tour operators and transport companies to move travelers to locations inside the Central American nation.

Link to Original Article:

From Caribbean News Digital

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