Acquisition of land for tourism and real estate development; Tax exemptions (Law CONFOTUR); Due diligence processes; Licenses and Permits. According to law (La Ley –01 sobre Incentivo Turístico) the Jarabacoa – Constanza tourist region is defined as polo turístico No. 4, which means that this . 1 / 7. Zoom out. Zoom in. Fullscreen. Share. powered by. Start from page.
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Summary of the law 158-01 on Tourism Incentives
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In conclusion, the Decree clarifies the important aspects contemplated in the law and its modifications and it constitutes an important improvement to the process of tourist investments in the country. 518-01 – Excellence – Efficiency Discretion – Dedication. Post navigation Foreign Investment in the Dominican Republic.
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High standard legal services in order to maximize opportunities and attain business and global solutions Leu – Excellence – Efficiency Discretion – Dedication. Relative to fiscal exemptions, for example, the lfy touristic projects will obtain exempts for a period of time of fifteen 15 years but the Decree clarify that the ones that are already definitively qualified until the month of December ofwhich exemptions will be in use, will also benefit by this period of exemption, to say, for a total period of fifteen 15 years.
Summary of the law on Tourism Incentives – Marte Guzman Castillo
The new regulations establish that the provisional classification will lwy to the exemption of not only constitution taxes and of real-estate transfer rights as it was since the last modification made to the lawbut as well will exempt municipal taxes that must be prorate, including the ones of ground use, providing, in theory, a way to solve one of the most leey problems in touristic projects, the unawareness of the regulation by the local authorities.
This Law provides significant incentives and benefits to individuals and companies who invest capital in the development of activities, referred to as special interest tourism activities in the Dominican Republic. Another important point is the obligation of notifying the beginning of the project and of the construction of the qualified project, as a previous requirement to requiring anything ely to the said organization CONFOTUR and the Technical Direction of the CONFOTUR is created to be in charge of creating the approval recommendations of every project.
Law establishes the requirements and procedures to be followed to obtain the classification of an investor under its provisions, and be able to benefit from the privileges and incentives disposed therein; it also establishes penalties for breach of the requirements of this legislation, particularly with regard to the preservation of all natural resources and proper environmental protection regulated by the General Law on Environment and Natural Resources Number of August 18,its regulations, standards and sectoral laws and other general provisions.
The regulations precise the Planning Lineups of the Tourist Encouragement Board, CONFOTUR by its initials in Spanish, as well as establish that the same will have the faculty to determine, by a properly issued Resolution, the classification of the tourist projects or activities that will be benefited by the incentives contemplated by the said law.
The touristic activities considered of special interest to the Dominican State according to Lawas amended, are as follows:. In addition, the property acquired under Law and its modifications are exempted from tax on transfers of property rights, sales, and real estate tax IPI or asset tax for early investors on classified projects. Asociaciones Sin Fines de Lucro en la R.
Added by Law Key period which shall not exceed in any case of three 3 years will be granted to start steadily and uninterrupted the operation of the approved project, period whose failure will lead to the 158-0 facto forfeiture of the acquired exemption.
Tourism and Real Estate
Incentivos fomento de la actividad cinematografica. The touristic activities considered of special interest to 15-801 Dominican State according to Lawas amended, are as follows: New Application Regulations of Law No.
Also, it was included a regime with more restrictive control for the compliance of the developers, constructers and operators of the approved tourist projects that have been benefited by the exemptions. This past October 9th of the yearthe Presidential Decree No. This new set of rules has the primordial objective to modify the requirements and administrative processes in a way that ambiguities and wrongful interpretations are not an key.
Skip to content Summary of the law on Tourism Incentives. The tax exemption period for companies dedicated for touristic activities indicated in Article 3 of the Law shall be of leu 15 years from the date of completion of the construction work and equipment of the project under these incentives.
The exemptions granted to the activities listed in paragraphs 2, 3, 4, 56, of this Article, equally apply for tourist accommodation or other lsy or activities of any nature constructed or encouraged to supplement the same, such as villas, plots, lots, apartments, boat moorings etc.
An important aspect is that it will be necessary to have the Construction 158-0 emitted by the Ministry of Public Works and Communications, before submitting approval to the lists of goods to be imported for the first equipment of the qualified project, the list shall be presented in a period of time of three 3 years after the project is initiated.