The tax reform package currently under study in the Chamber of Deputies contains a sort of amnesty provision for those that repatriate capital and bring their tax returns up to date. As reported today in the Diario Libre, Article 25 of the proposed new code allows those bringing back capital during the first year of the new legislation to be taxed 1% of that amount. The same article offers similar conditions to those people who, during the first six months of the new law entering into effect, complete and correct their patrimony. In this way, the authors of the new proposal are freeing taxpayers from the 25% income tax that would normally be due. The article also allows for corporations, companies and individuals to bring their accounts up to date with current values, but with no additional taxes. The amnesty measures will be accompanied by new and tighter tax evasion provisions. The Association of Young Entrepreneurs (ANJE) has objected to some provisions in the new proposed tax code since they go against current laws.
In another area, certain direct taxes, such as the stamps that are used to legalize documents, will now cost RD$30.00 instead of RD$1.00, RD$2.00 and RD$5.00, and these prices will be adjusted on an annual basis.