The fiscal reform proposal constitutes a threat to new capital flows, job creation, judicial security, national and foreign investment, hard currency generation and renewable energy. The associations of Foreign Investment Companies (ASIEX), for the Santiago Development (APEDI), of the Herrera Industrial Association, of Renewable Energy Companies, of the National Traders Federation (Fenacerd), and the rector of the INTEC University say it is irrational, lacking in fairness and will even affect the universities in statements made yesterday, Sunday, 14 October.
The ASIEX warned that the reform proposal is a serious threat to the sector and could paralyze the capital flows, job creation, and access to cutting edge technology while leading to double taxation. Moreover, it would undermine the government’s goal of attracting new investments worth as much as US$3 billion and creating 132,000 new jobs, as proposed by the Center for Exports and Investments (CEI-RD) director.
The industrialists from Herrera believe that the proposal strays from the National Development Strategy (END). The Santiago Development Association (Apedi) argues that the proposal will affect employment, judicial security, the creation of hard currency, and will put at risk the income of some US$1.6 billion and the direct employment of 38,000 workers in the tobacco sector and free zones.
Companies working with renewable energy believe that it is reasonable to warn the people of the effects of eliminating the incentives for using this type of energy. Fenacerd president Dinorah Pena Acosta said that the fiscal reform proposal is irrational and lacks fairness, and they suggest that they penalize, by way of a law, unjustified public and private enrichment.
Rolando Guzman, the rector of the Santo Domingo Technological Institute (INTEC), warned that approval of the fiscal reform proposal would affect the country’s universities and said that the pact should be more than a mere tax patch for the budget hole.