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01 / Feb / 2005  

Tax exemption for Tela Bay tourism project

The National Congress has granted the Honduran Institute of Tourism an exemption on the payment of US$368,400 in taxes on the purchase of 311 hectares of land where the Tela Bay project will be built.

Tourism Minister Thierry de Pierrefeu explained that the Honduran Institute of Tourism has crated an independent company to manage the Tela Bay project – Desarrollo Turistico Bahia de Tela, S.A.

He continued that 99.6% of the stock is owned by Desarrollo Turistico Bahia de Tela, S.A. while the remaining 0.4% -- equivalent to one share – is owned by the National Chamber of Tourism. Because the company is part of the Honduran Institute of Tourism, he explained, the exemption makes sense.

The Tela Bay project has been designed to consolidate the country’s tourism offerings, serving as a distribution hub from the North Coast to other key spots around the country.

This strategy is expected to increase tourism to Honduras overall. It will also create new jobs, generate foreign revenue and strengthen national identity, say proponents.

Pierrefeu pointed out that the land on which the project will be developed has been granted as a concession to the company; no private ownership is involved. The beaches in the area will remain of public use and all construction will be designed to have the least possible impact on the area.


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