On October 9, 2001, the National Congress approved Law No. 158-01 on promoting tourism development for low-development poles and new poles in provinces and localities with great potential, with the aim of accelerating a rationalized development process. of the tourism industry in all regions with potential and natural conditions for its tourist exploitation throughout the Dominican territory.

Law 158-01 is the law that establishes the “Promotion of Tourism Development” for the poles of scarce development in new poles in provinces and localities of great potential.

The following are the main benefits of Law 158-01:
– National and international subsidies, as well as interest granted to companies that are the object of these incentives, will not be subject to any tax or withholding.
– They will be able to deduct or deduct from their net taxable income the amount invested in tourism projects included in this law, which may be applied to the depreciation of such investments up to twenty percent (20%) of their net taxable income. In any case, the amortization term shall not exceed five (5) years.
– It is prohibited the establishment of new tax burdens, arbitrios, rates, etc. during the tax exemption period.

The incentives and benefits will be strictly limited to new projects that begin construction after the enactment of this law. Therefore, subsequent transfers for the benefit of third party purchasers are excluded from these benefits.
All individuals or legal entities domiciled in the country that undertake, promote or invest capital in any of the activities indicated in Article 3 and in the tourist poles and/or provinces and/or municipalities described in Article 1 of this law shall be eligible for the incentives and benefits.

Likewise, natural or juridical persons who develop new projects or propose to complement Article 3, by means of franchising, leasing or any other form of arrangement with the State of Dominica, may avail themselves of the privileges and advantages of this Act. in the tourist centers listed in Article 1 of this Act.

The period of tax exemption corresponding to each project, business or tourist enterprise shall be of ten (10) years, as of the date of completion of the construction and equipment works of the project object of these
incentives.

The consultant or his representative must have a personal and direct interest in the application of the law to a particular situation of a tax nature, in addition he must clearly and precisely indicate all the constituent elements of the situation raised that motivated his consultation, that is to say – specifying the company or taxpayer that directly presented the situation consulted, with clear and precise data on the situation, the activities or activities to be carried out in the situation, the taxes for which he advises or the tax obligations that could be derived. In the same way, you may state and substantiate your opinion on the matter, as well as attach documents that support your assertion or support your point of view.

Reset password

Enter your email address and we will send you a link to change your password.

Get started with your account

to save your favourite homes and more

Sign up with email

Get started with your account

to save your favourite homes and more

By clicking the «SIGN UP» button you agree to the Terms of Use and Privacy Policy
Powered by Estatik
Share This
Open chat
1
Need any Help?
Silverpoint Customer Service
Hello !
How can I help you?
%d bloggers like this: