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Dominican Republic’s Senate approves sweeping tax reform

SANTO DOMINGO.-  Dominican Republic’s Senate on Friday declared the bill to reform the country’s tax laws urgent and approved in two consecutive roll calls including last minute changes, which seeks to raise around RD$46.0 billion in addition revenue.

The initiative was passed unanimously with the vote of the 30 senators present in the session, with only Amable Aristy and Carlos Castillo absent.

The pending legislation will also provide a tax amnesty to all taxpayers with pending debts to the Internal Taxes Agency, in a bill yet to be approved.

“All capital gains whose origin can not be justified and all goods or property rights or acquisitions that do not match the income or capital declared by the taxpayer are unreported income and nonexistent debts that are submitted in tax returns or registered in the accounting ledgers or other records as the basis for the purposes of determining the obligation,” notes one of the articles.

It said all unreported income in accordance, “with the provisions of this paragraph will join the taxable tax for the determination of tax liability in the period they are discovered, unless the taxpayer proves beyond any doubt that they’ve been the owner of the assets and rights in question at an earlier date than the limitation period.”

Source: Dominican Today

Category: DR News |

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Last updated December 6, 2016 at 12:34 PM
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