Congress Must Address Tax and Other Disincentives
Due to complex international laws and tax structures for Panama-based companies, Thomson Exploration founder Robert Zanin is petitioning the U.S. Congress to make the necessary changes to the tax code to make Project Viable successful.
As it stands, Project Viable will not be feasible due to current tax structures for foreign corporations, including the recently signed Panama Papers. To make matters worse, Zanin said that these laws were not designed with this type of venture in mind and are therefore full of loopholes.
Project Viable
Project Viable is a complex and ambitious project to provide affordable housing to the citizens of Haiti. The project is scheduled to be built on a 2,000-acre swath of land, situated three hours outside the capital city of Port-au-Prince.
With a projected cost of $3.5 billion, the project includes 15,000 housing units, 10 schools, two hospitals, a waste water treatment facility and a variety of emergency facilities.
What Congress Must Do
Zanin claims that the Internal Revenue Service (IRS) has too much latitude to interpret the tax code. Therefore, Congress must immediately address this problem.
Zanin has given Congress 60 days to make the necessary changes, and he hopes that the members of Congress can work together to do what is right for the people of Haiti.
###
Kind regards,
E. Thompson
