- Thread starter MarkDR
- Start date
Business expenses
i am a foreigner here and i do pay my taxes every month. Most important, what kind of business do you have? all depends on that! Do you have an RNC for your business? Everytime you purchase something for the business, do you ask for comprobante fiscale? When you pay rent etc do you get a bill?
You need an RNC for your business. You can deduct ITBIS you paid on your business expenses on your monthly ITBIS report. Actually, it works like a value added tax. You report collected ITBIS and your deduct the amount you paid. To do this, when you incur the expense, you need to request a "comprobante fiscal" and provide your RNC.
In terms of deducting business expenses from your income, yes, you can do it the same way you do it elsewhere. The DR does not seem to follow very closely generally accepted accounting principles. They seem to have looser standards
My experience with accountants here is that they don't know much. It's regrettable. I, with an MBA in finance, know more accounting than most here.
In terms of deducting business expenses from your income, yes, you can do it the same way you do it elsewhere. The DR does not seem to follow very closely generally accepted accounting principles. They seem to have looser standards
My experience with accountants here is that they don't know much. It's regrettable. I, with an MBA in finance, know more accounting than most here.
You need an RNC for your business. You can deduct ITBIS you paid
on your business expenses on your monthly ITBIS report. Actually, it works like a value added tax. You report
collected ITBIS and your deduct the amount you paid. To do this, when you incur the expense, you need to request
a "comprobante fiscal" and provide your RNC.
In terms of deducting business expenses from your income, yes, you can do it the same way you do it elsewhere.
The DR does not seem to follow very closely generally accepted accounting principles. They seem to have looser standards
My experience with accountants here is that they don't know much. It's regrettable. I, with an
MBA in finance, know more accounting than most here.
Thanks E-i-C.
We have an RNC and are familiar with the ITBIS deductions etc.
We were wondering about expenses such as business trips (flights, meals etc.).