Senate approves bill granting tax exemptions for yachts and jet skis

Santo Domingo.- The Senate of the Republic approved in its first reading a bill that seeks to regulate recreational nautical tourism in Dominican waters and promote the sector through incentives. Drafted by Senators Alexis Victoria Yeb and Ginnette Bournigal, the initiative proposes a “zero tariff or tax rate” for vessels included in Law 146-00, such as yachts, jet skis, sailboats, motorboats, and other recreational or sporting boats, for a period of 10 years.

The bill also grants exemptions for investments in basic infrastructure and services linked to nautical tourism. Benefits include a 15-year exemption from property taxes on land used for development projects and the elimination of import taxes on equipment, materials, and accessories not produced locally for construction, renovation, or commercial use in the sector. Fuel and lubricants for vessels would also be supplied at the same price as local consumption.

In addition to incentives, the proposal sets penalties for abandoning vessels and polluting the sea. Although the Senate has previously approved the bill, it has failed to pass in the Chamber of Deputies, where it will again be debated after this latest approval.