2003News

Tax collections down

List?n Diario reports that fiscal revenues for the first quarter of the year are down RD$1 billion. The decline is attributed to the 10% surcharge on most imports instated by the government precisely to reduce imports and control the run on the Dominican peso. The new car dealers association (ACOFAVE) says member sales are down 80% due to the high cost of borrowing, and the increase in the cost of vehicles due to the 10% import surcharge. Decline in revenue also came from a drop in petrol consumption due to the higher costs on the local market.