The proposal provides a reduction to $ 10 thousand minimum investment in order to receive tax benefits and a reduction of between 25 to 30% in electricity rates and drinking water.
With the current law, the minimum investment required per project, including land, for "mayor lodges" in the urban area of the capital of $ 500 thousand and for the rest of the country is $ 150,000. For the "minor lodges” the minimum is $ 100 thousand in urban areas and $ 50 thousand in the rest of the country.
With the reforms, "... for small and medium size companies, provided they are accredited with the Nicaraguan Institute of Tourism, these minimum amounts are reduced by 40 percent,” according to Laprensa.com.ni.
Source: laprensa.com.ni
More on this topic
July 2009
Between January and May, tourism investment in Nicaragua was 5 times higher than the same period of 2008.
Attracted by the benefits obtained through Law 306, also known as Stimulus Law for the Tourism Industry, 10 new projects where approved so far in 2009, 6 of them are hotels.
November 2010
The reform plan reduces the minimum amount of investment required to access government incentives.
The proposed amendment is to reduce to $ 25,000 the investment in tourism to access tax incentives. Currently the amount is $ 50,000.
This reform (which amends Article 36 of the Tourism Law) "seeks to be extended for only two years and sets a deadline of December 30 to deliver to the Legislative Assembly for discussion and subsequent approval," reports Laprensagrafica.com article.
June 2011
Failure to comply with projected investment plans in time has led to the cancellation of tourism incentives for several hotel projects.
The Directorate of Tourism Development and Investment has canceled incentives for about seven hotel projects that were covered by the Law No. 8.
April 2010
A new bill would increase taxes to touristic services.
Ramón Macías Luna, president of the tourism committee at Congress, explained that the project would increase to entry taxes, and levies on air tickets and hotels.
As of now, Nicaragua has the lowest tax burden on tourism activities in Central America, he added.
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