The Ministry of Industry, Commerce and SMEs announced measures that would be taken by the government to reduce the tax burden on small and medium sized businesses and encourage more businesses to formalize their organization.
Minister of Industry and Commerce and Small and Medium-Sized Enterprises, Nelson Toca Simo, spoke at the opening of the Semana Mipymes at the Dominican Fiesta Hotel last weekend. The conference focused on promoting small businesses with Toca Simo highlighting the importance of the implementation of a single payment system and the elimination of the advance tax payments on companies. These measures would benefit companies with sales under RD$8 million a year and less than 10 employees, that represents 96% of all businesses in the country.
Toca said that companies will be able to apply for a simplified regime for social security and during the first three years of incorporation will only be responsible for health and labor risk charges.
Other initiatives of the Ministry include the simplifying of reporting procedures and the implementation of the Ley de Garantias Mobiliarias, the law of asset assurance guarantees that will improve small business access to bank credit.
23 October 2017
