The International Monetary Fund (IMF) has suggested that the government should increase the current 8% Impuesto Sobre las Transferencias a los Bienes Industrializados y Servicios (ITBIS), a form of value added tax, as a way of increasing its revenue. The IMF made its suggestion in the document “Dominican Republic: Recent Economic Development” and said that the current 8% rate is the lowest charged in the region. It also suggested more effective tax collection.