2004 – Page 131

The Central Bank Consumer Price Index increased 1.99% in June boosting inflation so far this year to 31.09%. Inflation over the past 12 months is 60.35%. The rise is primarily being attributed to hikes in the cost of fuel, thus affecting transport costs.

Foreign Relations Minister Frank Guerrero Prats confirmed that Felipe de Borbon and his new wife Letizia will be on hand for the inauguration of President-elect Leonel Fernandez on 16 August. Prince Felipe has visited the DR on several occasions and also attended Fernandez?s previous Presidential inauguration in 1996. Brazilian President Inacio (Lula) da Silva has …

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In a press conference yesterday, the Dominican Association of Travel Agents (ADAVIT) protested the high taxes on travel, as reported in the Listin Diario. Carlos Alonso, Edison Urena and Michael Espino complained that Dominicans pay the highest taxes on airfare in Latin America, pointing out that 40% to 55% of a ticket?s cost goes to …

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Journalist Ana Mitila Lora writes today in the Listin Diario about the latest homerun of businessman Julio Hazim, who has purchased 80% of the shares of the Escogido baseball club. She reminds us that the Central Bank only recently excused Hazim from having to pay 70% of the RD$4-billion debt through loans held with the …

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The Dominican Republic secured its entry to the 2005 Americas Basketball Tournament ? a qualifying event for the 2006 World Basketball Championships ? last night at the Palacio de los Deportes. Team captain Jack Michael Martinez scored 20 points and 11 rebounds in the win, and the DR defeated Barbados 82-55. Other countries that qualified …

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Physicians of the nation?s public hospitals have joined their Dominican Social Security Institute (IDSS) counterparts, who have been on strike since last Thursday. The public health hospital staff will attend emergency cases only today and tomorrow, as they seek to pressure the government for a 100% increase in wages, payment of retained wages for RD$50 …

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Telecommunication industry representatives rejected the notion that the government should levy a selective luxury tax on telecommunications. Apparently seeking to close the fiscal gap at any cost, the authorities are reportedly considering increasing telecommunications surcharges across the country. In an interview yesterday with Hoy newspaper, representatives for the four local telecommunication companies ? Verizon, Orange, …

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The PLD economic team has proposed an increase to the ITBIS (VAT) tax from 12% to 16%. The ITBIS would be applied to earnings from yields on savings, commercial paper or certificates in banks. The proposal furthermore calls for an increase to the tax on telecommunications and advertising from 6% to 10%. The 16% ITBIS …

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The president of the Association of Industries of Haina, Richard Arostegui, says that if the national authorities do not give priority to helping the nation?s industries to reduce their costs, investors will leave the country and the free trade agreements that have been signed will be reduced to free import agreements. ?There is no bigger …

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Economist Luis Manuel Piantini, a former deputy governor of the Central Bank, criticized the objective of increasing the tax burden without the population receiving an increase in basic services offered by the government. He said that when tax reform was first enacted by the late President Joaquin Balaguer in 1990, the burden to the people …

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