2011News

Banks dispute DGII statistics on interest rate payments

The Association of Commercial Banks of the Dominican Republic (ABA) disputes statements by the Department of Taxes (DGII) about tax evasion by companies on interests paid by the banks. In a press release, ABA states that the banks made interest payments of RD$20.1 billion and not RD$54 billion as the DGII has stated. ABA has opposed Rule 13l-2011 by the DGII that seeks to convert the banks into retention agents for taxation on bank interest payments, as reported in El Caribe.