The Presidency announced a new program, Plan to Reactivate Micro, Small and Medium Enterprises (Plan para Reactivación de las Mipymes), to provide relief to small business. In making the announcement, President Luis Abinader highlighted an estimated 233,000 micro and small businesses employ 642,303 persons. He estimated another 2.2 million people are employed in informal jobs. Companies with sales up to RD$58 million a year can benefit from the low-cost loans that are being made available.
The Plan for the Reactivation of MSMEs has programs for support for working capital and assistance for associativity through cooperatives. The plan falls under the Ministry of Industry, Commerce and MSMEs (MICM).
The programs are to be implemented through Promipyme, the Instituto de Desarrollo y Crédito Cooperativo (IDECOOP), Banco Agrícola, Fiduciaria Banreservas and Fundación Reservas del País.
Last week the Tax Agency (DGII) issued another break targeting small companies. Resolution 0001-2021 authorizes the exemption from the payment of the advance payment of taxes on revenues during the months of January, February, March and April of the current year. Legal entities or sole proprietorships that qualify as MSMEs may apply for this exemption. Companies of any size that can demonstrate a significant reduction in their income in relation to 2019 may also apply.
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Presidency
27 January 2021