In a debate that lasted about four hours, on Tuesday night, the National Assembly approved in the second debate Bill 789, which modifies Law 80 of 2012, which dictates incentive regulations for the promotion of tourist activity .
There were 44 votes in favor and 5 against, with a belligerent independent bench that made it clear that the project was being discussed without an economic study validating the scope for the tourism industry and its effect on public finances, beyond the advantages that the promoters and investors will have who put the money to finance a tourist project in the interior of the country, through the purchase of bonds or shares issued by the developer.
The rule is intended to repeal Law 122 of 2019, questioned for granting a tax credit for 100% for the sums invested in bonds, shares and other financial instruments issued by tourism companies for the development of projects outside the district of Panama.
The most transcendental change of project 789, according to its defenders, is that it reduces the fiscal credit to 60% of the value of the project (excluding the value of the farm and the investment in infrastructure of the master plan) and to 5% of the infrastructure.
But the independent deputy Gabriel Silva was the first to demand an economic and fiscal study with which they could quantify the effects of the bill. However, Hernán Arboleda, director of Public Policies of the Ministry of Economy and Finance (MEF), said he did not have such information.
In the legislative plenary session, Arboleda indicated that the MEF believes in tourism and recognizes that it is an economic area that can generate economic growth outside of Panama City, but “we cannot deliver a fiscal and economic study because the bill does not It’s from the MEF.”
