IDAL grants tax holiday to Summerland project
April 14- The Investment Development Authority of Lebanon (IDAL), in a ceremony on Monday, announced facilitating the Summerland Hotel project manager Walid Abu Saab with a contract that allows full tax exemption on income and distribution of dividend for 10 years. The package includes exemptions from real-estate registrations and reducing work permit fees for Summerland Hotel staff.
The project, to be built at a cost of $155 million in Beirut, will consist of a five-star hotel, a club, cabin and a gym along with a marina for yachts and boats. Speaking on the occasion, Nabil Itani, Chairman IDLA, said that “this project is one of many which IDAL supports.”
IDAL came into being in 1994 thanks to the Lebanese Cabinet to promote tourism in the region.
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