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D. Tourism incentive on Real Property I. Congress enacted Law No. 8 on June 1994 to promote Tourism, Hotels and CondoHotels investment in Panama. This Law was implemented by Executive Decree N. 73 of April 1995 allowing investors, be them foreign or domestic, to obtain tax breaks under certain conditions. Now is important to note that after more than 13 years of the enactment of the mentioned Law, the 20 years exemption of tax mentioned in Law No. 8, remains active. II. Decree No. 73 has classified and regulated Public Lodgings, Receptive Tourism Agencies, Tourist Transport Services of Passengers, Tourist Restaurants, Discotheques, Nightclubs, Specialized Tourism Centers, Recreational Parks, Theme Park, Zoos, Specialized Centers in Ecotourism, Convention Centers, Marine Complexes, Centers of Promotions and Tourism Training, Tourist Development Zones of National Interests, Fractionating of Enterprises, Affiliated Corporations Subsidiaries, etc. III. Once the interested party or a Corporation has filed all usual requirements to the Tourism Department, the Board of Directors of the IPAT, must grant the approval of the Hotel facility, thereafter the project will be registered. This will allow the interested party to received the tax incentives and to initiate the project which should be terminate within a period of 3 years, to avoid loosing the bond, retain by the government.. |
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