The delay in the approval of the regulations of Law 80, which should be ready in August, has prevented employers from taking advantage of incentives to invest inside the country.
Law 80 came into force in March 2015 and the lack of its rules has delayed the implementation of incentives for the construction of hotels within the country. The law establishes a total exemption from tax on imports, for a period of five years, for building materials and 10 years for the entry of materials, basic tools, furniture and equipment, plus incentives for construction of tourist marinas and docks.
The director of Investment and Tourism Culture explained that the ATP (in the process of revising the regulations) “… has consulted people who have experience in nautical tourism, scientific tourism, and agrotourism to ensure that the incentives are correctly targeted. ‘We are designing a roadmap to be followed by employers in order to find out how and when to apply the fiscal support established by Law 80’. “
Prensa.com reports that “…August 15 is the deadline that has been imposed by the ATP to complete 100% of the revised draft regulations, and from that date the process for signing the document will start. Employers surveyed hope that the rule will be clear and will take effect in the short term, as there are sectors within the country that need the incentives established in Law 80. “
Source: Prensa.com