Small business got a break. Decree 265-19 contains the ruling for the Simplified Tax Regime (Regimen Simplificado de Tributación) that applies to individuals and companies with no more than RD$8.7 million in sales. Individuals and companies that purchase inventory and inputs for RD$40 million or less a year are also included in the tax scheme.
The new procedure exempts individuals and companies from reporting sales to the Tax Agency (DGII). The scheme removes the requirement to pay taxes on assets related to the business, advance taxes and to declare the value-added ITBIS tax every month. Those adhering to the new system will be allowed to pay income tax in a single payment.
DGII director, Magín Díaz said the DGII says the plan was created to encourage all micro and small business to go legit.
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Diario Libre
Presidencia
Listin Diario
5 August 2019