6. SPECIAL PERMITS
HONDURAS INVESTOR´S GUIDE 2020-2021
e. Declare andmaintain updated tax address, as well as make available the information and documentation required by the Ministry of Finance (SEFIN), the Tax Administration or the Customs Administration. f. Submit the Affidavit of Tax Sacrifice in the period contemplated in the current legal framework and as determined by the competent authority. g. Submit the forms, declarations and reports in due form and periodicity required by the Ministry of Finance, the Tax Administration, and the Customs Administration. The beneficiaries of this Law are obliged to charge the Tourist Services Tax and the Sales Tax on the sale of goods and services, and their remission to the national treasury. h. Demonstrate having initiated a certification process for a quality standard or seal, to increase the competitiveness and quality of Honduran tourism products, services and offers. i. Include within the service charges and administration contracts, the collection of Sales Tax and the applicable Tourist Tax. j. Invest in the proposed tourist project, the amount indicated in the respective application, and maintain said investment for the validity of the stated exemption period. k. Start the construction, renovation or restoration of the buildings intended for the tourist activities proposed in the project application, within a period of not more than twelve (12) months from the date of notification of the decision of the Ministry of Finance through which the tax benefits are granted. l. In applicable cases, start activities under the Tax Code within a period of not more than three (3) years from the date of notification of the decision of the Ministry of Finance granting the tax benefits; m. Keep a faithful and detailed record of the exonerated items and goods, which must be made available to the competent authorities in accordance with the current legal framework; n. Request the monetary policy rate of the Central Bank for the month preceding the submission of the project application. o. Renounce to the benefits of any other legal mechanism and begin the procedures for the closure and settlement of such benefits by the Ministry of Finance (SEFIN, for its acronym in Spanish). * The copies must be authenticated in a Certificate of Authenticity, different from the signature of the Power of Attorney. The documents submitted in English must be translated into Spanish by the official translator of the Ministry of Foreign Affairs. * All financial information must be presented in Lempiras. The projections must be made for at least five years. The basis for the projection of income and expenditure should be clearly explained with the corresponding calculation.
j. For fifteen (15) years, shareholders or stockholders in a company owning a tourism project, may deduct from the net taxable income, investments financed with capital contributions of said investors, for one time only, in the year in which the investment is made and for the totality of such capital investments. k. Tourismand Investment Visas. The National Institute of Migration or, where appropriate, the Consulates of Honduras abroad, are authorized to issue tourist visas for citizens of countries that require consulted visas when visiting Honduras. • These visas may be issued through electronic mechanisms, within a non-extendable maximum period of 48 hours from the application or issued upon entering the country has a value of ten US dollars (US$10.00). • When citizens of those countries have visas to enter the European Union, the United States, Canada, Singapore or Australia, a visa will not be required to enter the country. • Foreigners who invest more than two hundred thousand dollars of the United States of America (US$200,000) or its equivalent in Lempiras directly in a tourism project, in shares of a tourism trade company, may apply for a residence or work visa in Honduras.This will be accredited before the Honduran Institute of Migration. *The investment must be of an amount equal to or greater than thirty five percent (35%) of the net present value of the initial investment discounted from said project. The tax benefits and other incentives contained in this law are personal and cannot be transferred to persons other than the beneficiaries. REQUIREMENTS: NATURAL AND LEGAL PERSONS a. Demonstrate to the IHT the availability of funding for the Project b. Submit a feasibility study to the IHT, which should include: • Influence on the geographical area • Activities and beneficiaries • Increase in investment • Foreign exchange generation • Direct and indirect employment generation projections related to fiscal costs. c. Natural persons and legal entities who have made new investments since the entry into force of Legislative Decree 278-2013, whether in remodeling, extensions, renovations, new infrastructure, complementary investments, or new investments, may enjoy the benefits granted in this law with only proof of the total amount of the investment made and their renunciation of previous legal regime. d. Enroll in the Registry of Exonerations at the Ministry of Finance (SEFIN) and renew annually.
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