NEW TOURISM SECTOR INCENTIVES LAW TO BE APPROVED BY THE NATIONAL CONGRESS

 

On Tuesday, July 18, 2017, a bill for the approval of the "Tourism Sector Incentives Law" was submitted to the Legislative Branch (National Congress) as part of a program focused on job creation and promotion of specific areas of interest, which includes the tourism sector.

The main scope and benefits of this project are the following:

  1. To achieve an simplified administrative process in order to facilitate investors in the process of new company formations;
  2. Provide equal treatment for investors of any size;
  3. Agreements that assure fiscal stability and incentives;
  4. Special provisions on municipal permits and taxes;
  5. Creation of funds to support air and ground transportation in tourism activities;
  6. Possibilities to establish investment trusts;
  7. The creation of a fund for investment and promotion of tourism under concessional conditions.

With the approval of this bill by Congress, there is a goal of creating 250,000 new direct and indirect jobs in a period of two years, from the time that this law is in force.

It is expected that the bill will be approved by the legislative body between the coming months of August and September.

 

For more information regarding this article, or if you wish to stay informed of any updates regarding the approval of this new law, please do not hesitate to contact Arturo Zacapa (arturo.zacapa@gz.hn) and/or Carlos Fernández (carlos.fernandez@gz.hn).

Author: Carlos Fernández