President Danilo Medina promised the government would implement a simplified tax procedure whereby micro, small & medium enterprises (MSMEs) would be exempt from having to pre-pay taxes. The MSMEs adhering to a new plan will neither have to pay the asset tax. He made the announcement during his annual rendition of accounts speech on 27 February 2019.
Medina said those qualifying under the plan will also be exempt from having to present monthly statements of tax vouchers. The new tax model, named Régimen Especial Único, or Special Unique Regime will allow businesses to present a simplified tax statement once a year.
“Helping our MSME’s become more competitive is as important as providing them with credit,” said the President. He said small business are a fundamental pillar in the economic competitiveness strategy of the government. Medina said the program would start this March 2019, “in 10 days.”
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28 February 2019