2004 – Page 73

Former DR Ambassador to the US Bernardo Vega writes today on the bad timing of sugar mills owners when they supported a modification of the tax reform to include a surcharge on bottled drinks that are manufactured with corn syrup instead of sugar. Vega says that the sugar industrialists should have waited until the US …

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The 15-year-old son of Chamber of Deputies leader Luis Alfredo Pacheco was injured by a bullet to his left leg, at the hands of strangers who attempted to steal a cell phone, sneakers and the Honda 90 motorcycle being driven by his friend, 23-year-old “motoconchista” Leonardo Espinal. He is reportedly recovering satisfactorily in the Plaza …

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Lawyer Roberto Alvarez writes in El Caribe newspaper today about the myths that continue to appear in the Dominican press regarding the illegal status of Dominicans in the US and the misguided notion that Dominican boat people and deportees are major instigators of crime in the DR. Alvarez is bothered by the whimsical treatment of …

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Felix Sanchez, who is Brooklyn-born of Dominican parentage, returned to Santo Domingo on Sunday to revel in the grand welcome the city, government and sports groups had prepared in his honor. As a two-time world champion, Felix Sanchez most recently took the gold medal in the 400-meter hurdle event in the Athens Olympics, netting the …

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President Leonel Fernandez requested that Congress eliminate the tax on corn syrup sweeteners established in the recently ratified Tax Reform Law 288-04. The chief executive sent the request to the Senate in a communique dated 30 September, 2004, in which he also points out his intention of correcting the eventual distortions produced by the law …

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The Dominican government has promised to pay the generators US$60 million over the next three months. Yesterday 15-20 hour blackouts were still affecting the country, although in some areas more hours of power were delivered for a slight relief. Energy sector officials Radhames Segura, Ruben Montas and Francisco Mendoza met yesterday with the heads of …

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The Monetary Board authorized the issuance of RD$70 billion in Central Bank investment certificates. These certificates will be offered to financial institutions, institutional investors and the general public. According to the third, fourth, sixth and tenth resolutions of the last meeting of the board, the Central Bank has been authorized to receive deposits in local …

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The Director General of the Tax Department (DGII) has announced a renewed effort to catch those who avoid paying taxes, particularly the VAT (value-added tax) which is now 16% on 80% of all goods and services in the Dominican Republic. According to Hoy, the director general says that many establishments are charging the VAT but …

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The director of the Department of Taxes (DGII), Juan Hernandez highlighted yesterday, are reported in Hoy newspaper, the positive aspects for consumers of recently enacted tax reform. Hernandez pointed out that the new tax code offers breaks for the elderly and increased deductions for the salaried. Property taxes were eliminated for housing valued at less …

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The dollar was being sold yesterday for RD$31.25, while the purchase price reached RD$27.50. This is the lowest exchange rate since the weeks immediately after the collapse of Baninter and certainly the lowest peso price of a dollar in 2003 or 2004. Since 16 August, the dollar has fallen from RD$42.35 to RD$31.25, representing over …

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