According to the director general of Department of Taxes (DGII), Guarocuya Felix, the new 10% tax on the interest earned in savings accounts should not be a cause for concern, as the identity of the taxpayer will not be revealed. Neither does he fear this will this scare away foreign capital. “For the tax collector, banking secrecy does not exist as such,” but it is guaranteed for users of the banking system, the official said. Taking part in Dialogo Libre this morning, Monday 3 December, Felix said that the banks do not provide information on individuals, but general data, although the tax administrators have the authority, if there is a legitimate suspicion that enters into conflict with the tax legislation, to request any pertinent information relating to each account holder via the Superintendence of Banks.
Felix said that he would publish a comprehensive explanation on the tax on interest earned on savings, as taxes are causing concern and there is a certain degree of disinformation. He said that the certificates issued by public institutions like the Central Bank and by Hacienda, before the publication of the tax laws, are not taxed with the 10% on interest earned on the savings. However, he made it clear that if these same certificates were to be renewed, the renewed certificates would be subject to the tax.