President Danilo Medina enacted Transparency and Patrimonial Reassessment Law 46-20 (Ley de Transparencia y Revalorización Patrimonial) on Friday, 21 February 2020. The law allows taxpayers to declare, reassess and make the corresponding payment, voluntarily and exceptionally, for assets that have not been declared before the Tax Agency (DGII) to regularize their tax obligations according to current market prices.
Individuals, legal entities and undivided inheritances (an inheritance that has not been distributed) may benefit from this regime. Among the assets subject to declaration and reassessment are the possession of national or foreign currency, financial instruments and movable and immovable property. A 2% tax is set on the value of the asset, as a single and final payment.
The exceptions to the law are holdings of currency deposited in foreign financial institutions and securities in countries identified by the Financial Action Task Force (FATF) as high risk or non-cooperative.
Those interested in taking advantage of the benefits of this special tax regime have a 90 calendar day term, from the entry into force of the law.
Read more in Spanish:
Presidencia
24 February 2020