Nicaragua extends incentives for renewable energy projects
Once again, Nicaragua provides generous incentives to foster renewable energy development in the country.
Local news from Nicaragua inform that the country has extended exemptions and incentives for investment in power generation projects from renewable sources until January 2018.
The legislative amendment has been in operation since May 2005 subsidising national and foreign investments. The previous extension run out last month and the necessary extension was presented by President Daniel Ortega and dealt with urgently. The presidential initiative exempts the payment of import duties (IDA), Value Added Tax (VAT) and Income Tax (IR), all existing municipal taxes on real estate, sales and registrations during the construction of the project, taxes that may exist on the exploitation of resources and exemption from Stamp Tax (ITP).
Nicaragua generates around 53% of its electricity via renewables and has set a goal to reach 74% by 2018 and 90% by 2020.
Source: Portal Minero