The Abinader administration has presented its Bill for Fiscal Modernization. Many of those who understand what the term “fiscal” means also understand that this is just a euphemism for tax increases. In this case, across the board.
The groundswell of negative reactions began even before the proposal was released, as the information that was leaked alarmed many business sectors. Nearly a week previous to the introduction of the new proposals in Congress, the rum manufacturers were complaining about reduced sales, movie-makers were alarmed, and the tourism sector began to brace itself for the shocks.
Small business associations advocate that the modernization of the fiscal code should instead incorporate measures to simplify taxes to encourage more businesses to legalize their status. Most businesses in the Dominican Republic are in the informal sector and many attribute this to the complexities of the tax system.
The Dominican Chamber of Deputies sent the legislative proposal straight to the Permanent Hacienda Committee for study and announced a public hearing for the coming week. Economists say everyone will feel the brunt, but mostly the middle class. Government officials are downplaying the impact and stressing the fiscal reform was ordered by the National Development Strategy Law in 2012. The spokespersons from the tobacco sector, the brewers, and housing construction joined in on the warnings and protests. It is an interesting debate.
The Chamber of Deputies has convened a public hearing for Thursday, 17 October 2024. The ruling Modern Revolutionary Party (PRM) has the majority in both houses of Congress.
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El Caribe
El Caribe
Diario Libre
Diario Libre
Diario Libre
Listin Diario
El Dia
14 October 2024