Government starts to charge 10% of savings in banks

This is only for accounts over a certain amount. I posted the amount in another thread, but it was something like 4 or 5 million pesos in the account to be taxed.

Is that for dollar accounts as well?

tax

SKY said:

This is only for accounts over a certain amount. I posted the amount in another thread, but it was something like 4 or 5 million pesos in the account to be taxed.

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this is even worse. just what the country needs - to encourage those with resources to move their resources.

only Dominican politicians and bureaucrats could come up with such with ridiculous ideas ......career bureaucrats & politicians who have never so much as run a lemonade stand .......they understand very little of how economies function.....

As taxation on income , including interest on bank accounts , is common in almost every country in the world , I imagine that most people would be quite happy just to pay the 10% ...it is much less than most lowest rates of income tax

10% tax on interest is slightly different from 'charging 10% of savings'...

kdolo said:

this is even worse. just what the country needs - to encourage those with resources to move their resources.

only Dominican politicians and bureaucrats could come up with such with ridiculous ideas ......career bureaucrats & politicians who have never so much as run a lemonade stand .......they understand very little of how economies function.....

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You just summed up the US Congress. Look out for the VAT tax. It already exists in many areas. Check your phone bills,elec. bills and all necessary items. Vat tax exists on a huge level in the US disgused.
Soon the proposal will come out that a Vat tax is the only way to make the US great again!!!
And Congress will just **** it away again.
Let's remember Clinton and Leonel are good buddies and went to college together. Golf together in the DR and while Bill is looking for his balls out of bounds, conviently finds some cigars and a place to put them.
Reality is, the DR is tied to the Dollar, much more than the Euro.
The political moves are indeed now controlled by financial and politctal actions in the US.
Personally, I believe there is going to be a lot of pain for both countries. The sooner the DR is willing to embrace it , the easier it will be.

Deyvi: Really? Come on, they may be buddies, but really? College? Golf? and while the word is that Leonel is a willing partner, I think Bill swings the other way, like with Monica????????

However, it is so true that two things are very flighty: Capital and brains. Both could leave the country if this tax burden gets too big or oppressive.

If there were any brains in this (or Hussain Obama's) government, they would have seen that tax reduction, especially for the wealthy, actually increases their contributions to the coffers....JFK did this and so did others....(I did not cite Reagan or Bush for a reason--they are Republicans and Republicans are expected to fight for lower taxes).

Maybe a good business would be a parking spot for offshore Dominican money...Quisqueya Bank of Miami!!! That's it....


HB

Its not just this tax that is scary but what looks like a new trend to grab money by the government in any and all ways possible. If the money was going to actually solve some of the DRs problems it would be fine but otherwise it is worrisome. What ever happened to the percent that is supposed to be going to the schools?

HB, I was thinking there were chicas stashed out of bounds. Clueless about anything else
Imagine if the DR could find a way to collect a VAT on prostitution!!!