Countdown to reduced taxes begins
Corporate income tax will be 28% in 2015, down from the 29% companies need to pay on profits by March 2014. In 2016, the tax will drop by another 1%, and will remain at 27%.
The DGII confirms that 2014 is the last year for the 18% taxation on goods. In 2015, the ITBIS tax will be 16%. The tax will be lowered because more goods are being covered by the tax.
The tax law also establishes that this is the last year for the payment of the 1% on company assets. According to the law, this will be reduced to 0.5% in 2015 before being eliminated in 2016.
Meanwhile, leading chain stores (Plaza Lama, Bravo, Ole, Jumbo/Nacional) have announced they are giving their customers one month before applying increases in taxation ordered by the law on food products.
Category: DR News |