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Big Business: Don’t slash tax breaks that earn US$9.7B yearly

Santo Domingo.- Business leaders are wiling look at with authorities the thorny issue of reviewing tax breaks for various sectors of the economy, which official estimates place at more than RD$212.0 billion (US$9.7 billion) this year.

The heads of the Industries Association (AIRD) and of the Young Business Leaders (ANJE) agreed on that position, in the heels of last week’s blistering critique of tax breaks by Internal Taxes director Magin Diaz.

Both president Danilo Medina and Diaz stressed the need to revise the tax expenditure formula to redirect part of the exemptions to “more productive” areas and end certain unfair competition practices that favor some economic activities.

Interviewed by AcentoTV, AIRD president Campos de Moya said they “totally agree” to sit and talk with officials and discuss the 94 rules and laws on the country’s tax breaks “one by one.”

De Moya said, however, that there are vital laws that have reached their goal of attracting investments, such as tourism promotion and free zones, to be carefully assessed before any amendment.

Before any measure on those two sectors “they must be very carefully analyzed and talk with the actors what can be done without take away competitiveness in these sectors, because they are sectors that have created many jobs and have attracted a lot of capital.”

Competing within Cuba

ANJE president Osvaldo Oller: We’re an island that competes with Central America, and the Caribbean and within the Caribbean we’ll be competing seriously with Cuba.

Source: DT

Sep 14, 2016

Category: DR News |

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Last updated March 28, 2017 at 5:30 PM
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