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Medina signs Tax Amnesty into law

Santo Domingo.- President Danilo Medina on Sunday signed into Law 309-12 a tax amnesty legislation called State Revenue Capacity Building, Fiscal Sustainability and Sustainable Development, for people who have to pay taxes in arrears.

The Law also provides extensions and other mechanisms to prosecute and punish future tax evasion and promotes transparency in the range of Dominican Republic’s taxpayers; within the process to restructure the Government-implemented fiscal policies.

It covers taxes on income, the Transfer of Industrialized Goods and Services (ITBIS) (VAT), Inheritance, property (IPI), and Real Estate Transfer, among others.

It’s also applied on Real Property Assets and, in addition to interest, penalties and fines relating to imported goods.

Taxpayers interested in applying for the amnesty on ITBIS and income tax must do so within 60 days after the new law takes effect, by formalizing the request at the main offices of the Internal Taxes Agency (DGII).

The request must contain the taxpayer’s economic activity, and the company’s registered domicile.

Source: DT

Category: DR News |

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Last updated October 21, 2016 at 11:57 PM
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