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Homes sold for less than RD$2.0 million will be tax-free

Santo Domingo.- The Government will not charge the ITBIS tax (IVA) on any home sold for less than RD$2.0 million until October, when the Mortgage Market Development and Trust Law 189-11 takes effect.

Presidency chief of staff Gustavo Montalvo discussed the topic in a National Palace meeting Thursday with prominent developer Rafael Bisonó, who said his company will start construction of 5,000 homes near San Isidro Airbase, Santo Domingo East, in the coming weeks.

He said each home will sell for RD$895,000 with a fixed 8.95% rate for six years, as stipulated in the government’s release of RD$20.0 billion from the banks reserve’s, of which RD$6.0 billion will be used to build dwellings.

The builder said his company’s commitment to president Danilo Medina is to build quality and adequate housing for poor families.

He said his construction group Constructora Bisonó has built more than 40,000 homes and plans another 24,000 over the next two years, at a cost of RD$50.0 billion.

Source: DT

Category: DR News |

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Last updated March 29, 2017 at 11:04 PM
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