2004 – Page 31

As reported in El Caribe today, AES Dominicana says that it notified the authorities on the sale of the AES Ede-Este distribution company to Dominican Energy Holdings. A letter dated 3 September was sent to Superintendent of Power Francisco Mendez and another dated 10 September was sent to the administrator of the CDEEE, Radhames Segura, …

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The Dominican government is projecting an income of RD$180 billion during fiscal 2005, but the budgets submitted by its various departments still manage to surpass such a lofty figure. This was what Presidential Minister for Technical Affairs Temistocles Montas told the press yesterday. He said that a high-level commission departed for Washington yesterday, where they …

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The IMF does not like the way the DR handles tax exemptions for imports, particularly on industrial machinery. According to the Listin Diario, the IMF feels that these exemptions should not exist when there is a fiscal deficit in public finances. This latest observation came as the Dominican government was negotiating with the IMF and …

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Both houses of Congress have approved the legislation that will allow an association of funds, which in turn will allow the Executive Branch to transfer RD$3.86 billion from the tax reform income. This strategy only came about, according to El Caribe, after the Budget Office approved an additional RD$45 million for Congress. The legislation specifies …

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Leaders of the retail and wholesale business community promised the Industry and Commerce minister that prices would drop by as much as 20% in the short term. Minister Francisco Javier Garcia and the head of the Office of Price Controls, Francisco Mancebo, headed the meeting that resulted in the pledge to move prices down by …

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Op-ed contributor Marisol Vicens writes in El Caribe that the first 100 days of President Leonel Fernandez’ second term indicate a positive balance sheet with regards to the restoration of confidence at both the national and international levels. Nevertheless, and despite the fact that the issue of electricity is one of the most pressing, the …

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Victor Cespedes Martinez, the former attorney general of the Dominican Republic under the Mejia Administration, has had his visa to enter the United States cancelled. The permanent revocation of his travel permit was based on Section 212 of the Nationalization and Immigration Law, which declares anyone presumed to be or having been an illegal trafficker …

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Divers are charging as much as RD$7,000 to recover a body from the very high surf off the North Coast, west of Luperon, where a stolen sailboat reportedly capsized and took the lives of most of its around 40 passengers. According to El Caribe and the Listin Diario, these local rescue teams operate with little …

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A preliminary draft of the letter of intent to resume the stand-by arrangement with the International Monetary Fund commits the government to perform a second fiscal reform in June 2005, which would require congressional approval by October 2005. The reform would encompass a gradual elimination of the exchange surcharge, a reduction of taxes on financial …

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The Department of Customs announced that, in coordination with the new authorities at the Dominican Institute of Telecommunications (Indotel), they will implement certain mechanisms to assess taxes owed for the irregular import of mobile phones in the past. Miguel Cocco, as the Customs director, said that millions of pesos in official revenue were evaded with …

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