NEW TAX CHANGE interpretation ??

arrugala

Bronze
Nov 7, 2010
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Other levies include 10% tax on interest payments and a 10% luxury tax on non-alcoholic beverages, with the exception of natural juices and natural water. How do you interpret this 10 TAX ON INTEREST PAYMENTS . Would this be related to interest collected on cuurency held in the bank ? does this seem the correct interpretation?? Thx
 

lisagauss

Bronze
Feb 16, 2011
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Other levies include 10% tax on interest payments and a 10% luxury tax on non-alcoholic beverages, with the exception of natural juices and natural water. How do you interpret this 10 TAX ON INTEREST PAYMENTS . Would this be related to interest collected on cuurency held in the bank ? does this seem the correct interpretation?? Thx

I would believe so. Thats the only way they can monitor that. They can't be refering to personal loans as is there is no way they can monitor this. They are probably refering to CDs.
 

Criss Colon

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Jan 2, 2002
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yahoomail.com
Buy as much "Vasaline" as you can RIGHT NOW!!!!!!!
Then just "Bend Over" and wait for what "Danilo" is going to do to us all!
No talk about cutting spending, just about charging us more for the same ol' nothing!
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May 12, 2005
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lisagauss

Bronze
Feb 16, 2011
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There is a 1% on the value of a home, or something like that. Could someone clarify this? Is this a 1% tax on the sale of a home or is this a yearly 1% tax paid by home owners?
 

tee

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Sep 14, 2007
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There is a 1% on the value of a home, or something like that. Could someone clarify this? Is this a 1% tax on the sale of a home or is this a yearly 1% tax paid by home owners?
The 1% annual property tax is based on the appraised value of the house which is usually a lot lower than the actual value. There is also a threshold of 5 million pesos which is around U$128,000. Any property under the threshold is currently exempt from annual property tax. Any property valued over the threshold has to pay 1% tax on the difference. For example if the property was valued at U$150,000 then you pay the tax on the difference which would be 1% of U$22,000...i.e. U$220 property tax per year under the current land tax regulations.
 

lisagauss

Bronze
Feb 16, 2011
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The 1% annual property tax is based on the appraised value of the house which is usually a lot lower than the actual value. There is also a threshold of 5 million pesos which is around U$128,000. Any property under the threshold is currently exempt from annual property tax. Any property valued over the threshold has to pay 1% tax on the difference. For example if the property was valued at U$150,000 then you pay the tax on the difference which would be 1% of U$22,000...i.e. U$220 property tax per year under the current land tax regulations.

Thanks for clearing this up. Does the tax man walk up to your house in DR to collect that? How is a homeowner supposed to pay that tax?
 

arrugala

Bronze
Nov 7, 2010
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You pay it at a govt office , they don't come to you Many have never paid it and usually when the property is sold ,however the winds are changing .This new president seems to be getting coaching from the west
 

the gorgon

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Sep 16, 2010
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You pay it at a govt office , they don't come to you Many have never paid it and usually when the property is sold ,however the winds are changing .This new president seems to be getting coaching from the west

he is getting his coaching from the IMF, who want to make sure that there are no future defaults on debt payments.
 

Castellamonte

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Mar 3, 2005
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www.villa-castellamonte.com
...and if you don't make the effort to figure out if you have to pay a property tax you can be greeted by DGII at the door someday demanding pretty much immediate payment. It's not a lot different from our home countries, I'm sure.

Oh, and get this, DGII get to "decide" if your property is taxable or not. I have a ranch with nothing on it except some animals and DGII declared it a "development". I had to fight like mad to get them to back off of that. Stupid, stupid, stupid.
 
Feb 7, 2007
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Yes, like services, especially the education and health care. But as it was said over and over, beating the dead horse, the gubmint does not want healthy and educated electorate.