The National Business Council (Conep) has set forth its position regarding the government’s announced plans for a tax reform during the next administration of Luis Abinader. Tax reform in the Dominican Republic historically translates into more taxes for those who pay taxes.
Business people members of Conep met in Santiago, capital of the Cibao region, to commemorate 61st anniversary of the business entity and focus on how to keep the Dominican Republic competitive. The 14 Cibao provinces provide 35% of the country’s GDP and 40% of jobs.
The theme of the discussions held by Conep was the need to initiate talks and consultations for a thorough consensus on the issues of any tax reform. Vice President Raquel Peña was the honored guest of Conep during the ceremonies. The Vice President has worked in the Cibao private sector in high positions in the manufacturing and education sectors.
Conep president Celso Juan Marranzini, the keynote speaker, told the audience that one of the priorities should be to eliminate distortions that foster tax evasion, and informality, as well as unfair practices. He mentioned the annual deficit of 5% of GDP has to be dealt with sooner rather than later, and that of every peso that might be produced by the value-added tax called the Itbis, the state only receives 34 cents and of the other 66 cents that do not enter the government coffers, 47 cents are lost through tax evasion, contraband, and informality among many other things.
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Listin Diario
10 June 2024