The president of the bilateral legislative commission studying the fiscal reform proposal presented by the Medina administration told the press yesterday, Thursday 1 November that the latest modifications include a fiscal amnesty for individuals and companies in arrears with the tax authorities. The bill will be studied again today, Friday 2 November in an extraordinary session at the Senate convened for 10am. Diario Libre reports that in the changes added yesterday, the proposed application of a 1% tax on the value of vehicles instead of the current fixed price vehicle stickers was postponed to 2014. The proposed application of a 10% rate on free zone company dividends was also postponed to 2014. The commission also approved that the proposed 1% tax on people’s total real estate assets that will be determined by the valuation carried out by Catastro Nacional will be RD$6.5 million instead of the present RD$5 million. The ad valorem tax on avtur (airline fuel) was reduced from 8 to 6.5%. The commission also agreed to eliminate the proposed 5% on apparel and footwear sales.
With these and other changes, the government accepts that the taxation bill will generate RD$46 million, RD$7.8 billion less than originally requested.
Listin Diario reports that the bill is being rushed through because the International Monetary Fund has asked for it to be ready before 10 November and the Budget approved before 15 November.
http://listin.com.do/la-republica/2012/11/2/253502/El-Gobierno-contempla-amnistia-fiscal-para-los-contribuyentes