6. SPECIAL PERMITS
HONDURAS INVESTOR´S GUIDE 2020-2021
e. Up to a period of ten (10) years: • Exoneration frompayment of the Customs duties of import, selective consumption tariffs, taxes, surcharges, duties, general and special contributions and other customs taxes on the import and local purchase of inputs, goods, materials and equipment directly related to the development, installation, construction, equipment, repair, replacement and maintenance of the Tourism Project. • This exoneration does not cover fees for electronic, security or modernization services, which must be paid for the services and controls provided by the Customs Administration. f. f. Natural or legal persons who wish to benefit from the tax benefits contained in this Law, or who for any reason must process a credit note or tax refund, must comply with the formalities, time limits and procedures contained in the current legal framework. g. gTourism projects enjoy preference and priority in the granting of: • Municipal environmental and construction permits. • Environmental permits and licenses. • The permits and licenses referred to in this subparagraph shall be issued no later than 60 business days after the application. h. Deduct as expense from taxable net income, for the first 250 average minimum wages, the total amount of interest paid for purchases on credit with mortgage guarantee or financial lease of apartments, residences or accomodations in timeshares, from their purchase or lease value, in areas of the country declared as priority for the Tourism Sector through the Council of Secretaries of State. i. Establish investment trusts in real estate or infrastructure projects as investment vehicles directly linked to the tourism activity qualified by the Honduran Tourism Institute. These investment vehicles can only buy, sell, or rent real estate and must have a minimum of 25 investors who are natural persons and none of them can represent more than 20% of the capital to be invested. Legal entities may not participate in these mechanisms.
6.8 TOURISM INCENTIVES LAW According to the Tourism Incentives Law, the individual or corporate merchants, whose activity or branch is directly linked to tourism, and provide the services of hotels, air or water transport of persons, recreation centers, Honduran handicraft shops exclusively, receptive tourism agencies, convention centers and vehicle rental companies, may enjoy the tax incentives granted by the Law. BENEFITS a. Up to fifteen (15) years: • Exemption from Income Tax payment • Exemption from net assets and joint contributions and related tax payment. b. Up to a period of five (5) years: • Exemption from Income Tax and any of its withholdings, on payments of services or fees contracted with national or foreign, natural persons and legal entities, essential for the studies, surveys, installation, implementation, engineering, construction and project monitoring. c. For a non-extendable period of ten (10) years: • Exemption from the payment of the Sales Tax on local purchases of goods and services directly linked to the construction, renovation or restoration, new infrastructure, complementary investments or new investments in the tourism activity qualified by the Honduran Institute of Tourism (IHT, for its acronym in Spanish). d. The projects enjoy all the benefits set out in the Customs Law for the import of machinery and equipment necessary for the construction and maintenance of the project. Such machinery and equipment will be destined solely and exclusively for the project.
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