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  1. #1
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    Default Tax on Income from Investments

    Did anyone else notice on DR1 News yesterday that part of the IMF agreement will include a 25% tax on all income from investments?

    Whilst I agree that this is probably a fairer way to try to raise extra revenue than some of the other proposed measures, it will still have a hell of an effect on those, like myself, who rely on their interest to continue living here. After finally getting some money through from Banco Central after months without interest following the BanInter collapse, this is just another little bit of icing on the cake, but life in this country sure is character building, and they're not driving me out yet.

    I guess the previous rates, tax free, always did seem too good to be true, but it certainly makes a big hole in any budgetting to suddenly lose 25% of your income on top of devaluation, rising food prices etc. How the poor Dominican people are surviving is a mystery to me.

    Does anyone know when this is likely to be implemented and if it will also affect investors with private finance houses?

    "People are like teabags, you have to put them in hot water to see how strong they are." I'm getting stronger every day.......

    Still got a Chevy Truck to sell if anyone wants a bargain price now.

  2. #2
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    Default

    No Linda


    I missed that part, if true and implemented fully expect large chunks of depositors cash to be withdrawn and sent elsewhere.

    any more info anyone????

  3. #3
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    Linda,
    First congrats on finally winning out with Banco Central - you have been very persistent with them I know AND diligent in standing up for your rights with them - Well Done!!

    Re 25% investment tax, I don't think full details have been worked out yet & IF there will be various thresholds brought in. My suggestion is keep your head down, don't admit to anything until you have to & when the CD comes up for renewal(Yeah .... I can see you going through THAT again) then replace it by putting it into a couple of different names! We'll talk on that later when things get clearer! - Grahame.

  4. #4
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    Thanks, as always, Grahame, for your sound advice.

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