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. The ultimate goal is to increase the national ITBMS to above 7%, to offset the import tax, informed Herman Bern, of the hotels Miramar, Le Meridien and Westin to Laestrella.com.pa.

See also: “Panama: Hotels React to Low Occupancy Rates”

“… Octavio Vallarino, owner of Marriott hotels, said “this is a very important idea, since Panama is known as a shopping center in the region and this would be a great incentive for visitors’. Entrepreneurs managed to form a committee to discuss with the Government the best way to use money available in the short term, while the Fund is being structured, and in this way increase the tourist population as soon as possible .”

See also: “Tough Competition for Hotels in Panama”

In addition to the initiative to turn Panama into a “duty free” zone for tourists, businessmen are also promoting a national tourism conference with the participation of all unions and maximizing profits once the Amador Convention Center is built. “…’We are late for the convention center, as we need, as of now, a promoter to start selling conventions for when it is completed in 2018′, said Vallarino.”

Source: laestrella.com.pa