Claiming income in DR

A

amordecanada

Member
Jul 19, 2014
77
14
18
Hi,
I'm curious. If I invest in CDs in this country am I obligated to claim interest earned? What happens if I don't?
 
B

botemon

Active member
Jun 28, 2008
223
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28
I am not sure about DR tax......but if you are a US citizen, Uncle Sam say's you must pay.
 
F

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
2,359
252
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www.drlawyer.com
Interest payments to a natural person (not to a corporation) made by regulated financial institutions used to be exempt from income tax (Article 299-s of the Tax Code). This is no longer the case (Law 253-12), meaning that interest income should be reported to the DR tax authorities and the appropriate income tax paid. Interest payments are subject to tax withholding according to the law.
 
L

LTSteve

Gold
Jul 9, 2010
5,449
23
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amordecanada said:
And what would happen if I don't report it or claim it?
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Are you a Canadian citizen? Do you have DR residency or do you live in Canada? It's like anything else in life. Whatever decision you make may or may not have the consequences that you desire. Will the bank in the DR report the interest earned. Possibly? Buenos suarte.
 
bob saunders

bob saunders

Platinum
Jan 1, 2002
32,571
5,992
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dr1.com
LTSteve said:
Are you a Canadian citizen? Do you have DR residency or do you live in Canada? It's like anything else in life. Whatever decision you make may or may not have the consequences that you desire. Will the bank in the DR report the interest earned. Possibly? Buenos suarte.
Click to expand...

I have several interest growing fondos at the BHD. I am not worried that they will report to the Canadian government. On my US dollar checking acct the government taxes the interest and the bank does this action for them.
 
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