2004News

National Budget: RD$200 billion

Technical Secretary of the Presidency Temistocles Montas announced this morning on Channel 11’s El Dia talk show that the National Budget will comprise RD$200 billion to RD$205 billion of expenditures for the next year. As reported in the Diario Libre, of the total amount RD$154 billion will be allocated for internal resources, with the remainder to come from abroad. He announced that the budget would be sent shortly to Congress and would include new taxes, such as an increase of 10% to the fuel tax in the Hydrocarbons Law 112-00, equivalent at the present time to an additional RD$3 on a gallon of fuel. The government is also proposing to increase the exchange commission on imports from 10% to 13%. He said that the approval of the budget is a condition for the resumption of the IMF agreement. Business sectors have warned that the economy cannot withstand any more taxes.