Tourism incentives are reviewed before the court’s decision

The Tourist Administration (ATP) is still evaluating, from a legal point of view, the decision Supreme Court of Justice which declared the grant unconstitutional 100% tax relief investors in tourism projects outside the capital.

He Minister Ivan Eskildsen reported that they seek to close this chapter, giving legal certainty to investors who have registered to obtain these loans.

“We await the final determination of which (options) in black and white should be expected by the investor who signed up in this case,” the headline reads.

Eskildsen added it international investment community in the United States They asked him what kind of certificates will be delivered, so they are in discussions with the competent persons to clarify this and give the businessmen an accurate answer.

The Supreme Court did not declare the 60% tax credit established by Law 314 from June 2022 unconstitutional, but transitional paragraph of art.1which enabled investors who had the necessary documentation at the time the regulation entered into force to access 100% of the loan determined by Law 122 of 2019

The ATP’s responsibility was to recognize that tourism project applied on the basis of the indications of the law, about which the minutes were drawn up.

When he finished, he went to General Administration of Revenue (DGI) for credit approval. An estimated $30 million went to an unspecified number of beneficiaries.’

60%

of the tax credit established in 2022 is retained.

30

million dollars was a benefit for investors.

“We want to try that, in the way this chapter closes, we can take care of Panama’s name“, the official admitted.

His words are part of the decision of the Government of the Republic of Croatia repeal these two controversial lawswhich received rejection from various sectors, including business, because of the fiscal sacrifice it implied for the state.

In addition, it has been criticized that the beneficiaries of these loans It turned out that these are businessmen close to the Government who will develop projects with investments that will eventually more than return to them.

The decision was made in the midst of popular protests in July last year and, despite the fact that the project was presented to the Assembly, in the end, the lawmakers decided to keep the incentivesthrough another promissory note.

The The executive put a complete veto on the proposal but at the end of last year it was The Legislature reauthorized it on insistence February 7 this year.

This scenario indicates that The Supreme Court will have to decide on the issue againNow we need to decide on the 60% tax relief granted by Law 314 to investors in tourism projects.