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Thread: Proposed Asset Tax

  1. #1
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    Default I've been saying forever....

    The Govt. wants another big score.....

    I'm surprised it's taken this long.

    Government raises "special" payment of property taxes

    https://www.diariolibre.com/economia...nes-GF10735425

  2. #2
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    Very Interesting . Google translation of the above article:

    SANTO DOMINGO. The Executive Branch submitted to the Senate a bill that proposes the establishment of "a special tax regime with a transitory nature" to regularize the payment of taxes before the Directorate General of Internal Taxes (DGII) through the declaration or revaluation of personal property and real estate, as well as the possession of deposits in national or foreign currency.

    The initiative, which would be applied based on the Tax Code and the Money Laundering Law, states that "individuals, legal entities and undivided estates that declare or revalue, voluntarily and exceptionally, may benefit from this regime."

    In the proposal, introduced on September 3, 2018, assets that may be subject to declaration or revaluation are described as: the possession of national or foreign currency by deposit declaration in an authorized entity, the properties over which it has not been formulated no requirement for payment by the Tax Administration "may be revalued" and personal property located in the country, including assets.

    The bill proposes to establish a tax rate on the total value of declared assets, as a single and definitive payment, as follows: possession of national or foreign currency at 5.0 percent of the declared value; 3.0 percent real estate; declaration of inventories 5.0 percent, revaluation of real estate 3.0 percent on the difference between the revaluation value and the revaluation of assets that entails a decrease in assets, 5.0 percent of the declared value.

  3. #3
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    A five per cent tax on possession of currency would lead to a hell of a lot of currency leaving the country, in my opinion.

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  5. #4
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    And they need USD badly. All the banks will be fighting this one.

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  7. #5
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    Gonna be a lot of overstuffed mattresses and guard dogs.

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  9. #6
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    Cobraboy, you took the words right outta my mouth...

    God help us.

    HB

    Moderator DR1.com

  10. #7
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    Just another lame-brained, half-baked idea that some bureaucrat thought he'd run up the flag pole and see if anyone salutes it.

    I'll be withdrawing USD on Monday and telling the bank why.

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  12. #8
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    Greedly Batards, they already get a chunk of all your interest earned on US dollars.

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  14. #9
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    Keep your powder dry. The shortage of dollars will drive up the exchange rate.

  15. #10
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    Quote Originally Posted by drstock View Post
    A five per cent tax on possession of currency would lead to a hell of a lot of currency leaving the country, in my opinion.
    Hence capital controls.

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