Panama Passes New Law Creating Incentives For Tourism Development
Wednesday, October 31 2012 @ 04:19 PM UTC
Contributed by: Don Winner
Bill 481 as approved can be seen in Spanish via this link.
The administrator of the Tourism Authority of Panama, Solomon Shamah, said they listened to the suggestions made by the members of the opposition political parties, and they incorporated many of those suggestions into the final draft version of the Bill, which helped it to be approved in a speedy manner and without any serious opposition. Shamah said the goal of the new law is to "ensure the future of tourism in the country."
The law establishes the rules and mechanisms for incentives to promote the development of tourism in the country. The law creates tax breaks and other incentives for foreign investors who come to Panama to build hotels or resorts. There are also provisions for smaller businesses related to eco-tourism for example, and things such as concert promoters, trade shows, and seminars.