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Incentives for Tourism Industry in El Salvador

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Incentives for Tourism Industry in El Salvador

Martes 13 de marzo, 2007

The new Salvadoran Tourism Law, recently approved on December 2005, establishes that all new tourism investment or its expansions, with a wholly owned equity capital of at least US$ 50.000,00, qualified by the Salvadoran Tourism Authorities as a National Tourism Interest Project, which initiates within the term of 5 years, ending on December 28, 2010, will be entitled to the following incentives:

• Exemption of the Real Estate Transfer Tax affecting the acquisition of the land destined for the project.
• Exemption of the duties and taxes, including VAT, import of goods, equipment and accessories, machinery, vehicles, airships or boats for the transportation of tourists and the construction equipment for the edification of the project. The exonerated amount may not exceed 100% of the project’s invested equity capital.
• Exemption of the payment of the Income Tax for a ten-year period, counted from the initiation of operations.
• Partial Exemption of the Municipal Taxes for a 5-year period, counted from the initiation of operations, relative to the tourism activities with a maximum of 50% of its value, prior to completing a relatively simple proceeding before the Municipality.

All the companies benefited with the incentives established in the Law must contribute 5% of the profits obtained during their exoneration period, percentage which will be destined to develop the Salvadoran Tourism.