The American Chamber of Commerce urged the government to reduce the value-added tax (ITBIS), apply it to all products and services, increase the income tax deductible, reduce the exchange reserve of banks, reduce the income tax percentage on business profits, and the exchange commission. Andres Aybar, president of the American Chamber of Commerce, spoke at the May luncheon held yesterday. Aybar also recommended that the government postpone imposing new norms on banking, freeze current government spending and be prudent about international borrowing, limiting this to borrowing for projects that will generate the funds to pay for themselves. Aybar says the membership of the Chamber does not favor changing the petroleum law to allow the government once again to freely set petrol prices. He said these measures will accelerate the economy, generate more jobs and productive investments, increase tax collections, reduce tax evasion and actually increase the number of companies and people paying taxes.
