NewsWhore
08-30-2006, 02:50 PM
The offices of the Department of Taxes and Customs have agreed to abolish, as from September, the VAT (ITBIS) on products used by select companies of the tourism industry that have the approval of the Ministry of Tourism. According to Hoy, Tourism Minister Felix Jimenez made the announcement yesterday as part of a series of incentives that the government has introduced to assist the tourism sector. In January, VAT and import tariffs on raw materials used by a selection of local companies to produce items destined for the tourism sector will be removed. These measures are in response to complaints about the application of Law 158 that regulates tourism. The law says that items imported for use by the hotel sector are to enter tax-free. These new measures will be in force until January 2007 when other dispositions will take effect. Internal Revenue director general Juan Hernandez signed off on the agreement.
The Ministry of Tourism will approve the companies that can adhere to the provision. As reported in the Listin Diario, only hotel companies that adhere to guidelines of the Consejo de Fomento Turistico (Confetur) will qualify for the exemptions.
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The Ministry of Tourism will approve the companies that can adhere to the provision. As reported in the Listin Diario, only hotel companies that adhere to guidelines of the Consejo de Fomento Turistico (Confetur) will qualify for the exemptions.
More... (http://www.dr1.com/index.html#3)