How do medical and wellness tourism facilities benefit under the Omnibus Incentives framework?

How do medical and wellness tourism facilities benefit under the Omnibus Incentives framework?

Medical and Wellness tourism facilities can benefit from the following incentives:

  • Employment Tax Credit (ETC) and thus face an effective corporate income tax rate as low as 17.5% 
  • Capital Allowances that cover, among other things, a broadened definition of ‘industrial buildings’
  • Duty-free Importation of Equipment and Machinery, as well as revised tariff rates ranging from 0% to no higher than 20% (with some exceptions)
  • Productive Input Relief (PIR) that provides for duty free importation of certain items that would have normally attracted customs duties and the Additional Stamp Duty (ASD) when these are being purchased for productive use. 

Medical & Wellness Tourism projects can also benefit under the Income Tax Relief (Mega Projects and Pioneer Industries) Act, where they qualify, for an attractive rate under the Employment Tax Credit (ETC) system.