The recently approved Law 80 on tourism in Panama has granted incentives to companies who develop maritime tourism infrastructure. I have reported on this before that it will be a boon to development, especially along coastal areas like Boca Chica. Considering that it can take years to get approval for a marina project here in Panama, this will provide the incentive for an investor to go through the process.
The marine project in La Guaira in Colon and another in the Pearl Islands, which were recently approved, will benefit from this law.
“Mor Caribbean Corp. and Pearl Island Limited, SA will receive, under Article 4 of Act 80 of 2012, total exemption from import tax for five years on imports of materials, utilities, port facilities and piers.
They are also exempt for 15 years from paying property tax on land and improvements that are dedicated exclusively to the operation of the port and its facilities”, reports Prensa.com.
Source: Prensa.com
Any mention about the approved marina in Las Lajas being developed by Larry Traw
The left wingers in Panama (same as left wingers everywhere) hate this type of thing.
Why?
Because business development and marine development creates:
– lots of private sector jobs (no government jobs)
– generates profits for companies and shareholders (that’s totally unacceptable)
– new tax revenues for government (left wingers prefer to borrow money and not pay it back)