The State will exempt payment of taxes to the company in charge of construction of the Novo Mundo (Ciudamar) project, better known as the artificial island, as it considers that the project is of national and social interest. Tax exemptions will also be valid for subcontractors of Santo Domingo Re-Development, Ltd., of Canadian capital, according to the contract signed with the government and submitted to Congress. El Caribe has a copy of the contract. The exemption includes articles and material not available locally in the quality and competitive prices required for the construction, as well as equipment, furniture and other elements that are considered essential for its operation, subject to approval by the Directory of Tourist Development. The contract also stipulates the exemption of any tax, present or future, applicable to heavy equipment, vehicles, computer equipment, information, machinery, parts and pieces that are imported to be used directly in the execution of the contracted works. The exemption is also applicable to VAT (ITBIS).