2005 – Page 253

The Senate passed a modification to the Electoral Law that will improve the DR’s political parties’ finances in two consecutive readings yesterday. The bill redistributes the funds awarded to politicians from taxpayers’ money. The bill had already been passed by the Chamber of Deputies and thus now passes to the Executive Branch for President Fernandez’s …

Read more…

Franco Uccelli of Bear Stearns reports on the possibility commented in the local press that the government would extend the maturities of its 2006 and 2013 bonds by two and five years respectively, as part of the bond restructuring. Uccelli reports, having confirmed with reliable government sources, that this information is incorrect. The length of …

Read more…

The Tax Department (DGII) has announced that it plans to inspect businesses that do not accept credit cards. The department believes these businesses reject credit cards in order to evade taxes. The government has installed a system that allows it to ensure that shops are paying the 16% ITBIS (VAT) through the use of credit …

Read more…

Trade between the DR and Haiti is suffering from obstacles that range from excessive inspections to illegal tolls and a frontier that, in theory at least, is closed. Hoy reports that traders wanting to do business with Haiti are complaining about excessive police controls, with their cargo being stopped “for inspection” as much as 15 …

Read more…

The word ‘batey’ is an Indian word, perhaps Arawak or Siboney, which refers to the land and houses surrounding a sugar mill. According to a study carried out by the Jesuit Refugee and Migrant Service called “A Diagnosis into the Nutritional Situation in the Dominican Republic Bateys” 12% of children under five suffer from chronic …

Read more…

Today, 9 February is the beginning of the year 4703, according to the Chinese calendar. This is the year of the chicken, or, more accurately, the wooden rooster. This is the first time since 1945 that the wooden rooster has been the symbol of the Chinese New Year, sharing the rotation among the different animals …

Read more…

Diandino Pena, former public works minister and mastermind behind Santo Domingo’s overpasses, presented the locations of the proposed Santo Domingo metro lines to the Fernandez government cabinet yesterday. The first line, running from northern Santo Domingo at the bridge over La Isabela River down to the Centro de los Heroes would be 9.94 kilometers long, …

Read more…

Finance Minister Vicente Bengoa has said that the Fernandez government has no plans to levy new taxes this year. He explained that the government would work closely with the IMF in formulating new taxes aimed at compensating for reduced revenues expected as a result of the forthcoming implementation of the DR-CAFTA free trade agreement with …

Read more…

A report on Central Electoral Board (JCE) finances indicates that the payroll has increased from RD$26 million under former JCE president Manuel Ramon Morel Cerda to RD$48 million under the present leadership of Luis Arias. The new board attributes the increase to rising wages. The Morel Cerda administration increased the payroll from RD$7 million as …

Read more…

Tourism Minister Felix Jimenez has admitted he was wrong when he commented that Central Bank Governor Hector Valdez did not know “ni un carajo” (did not have a clue) about real estate, as reported in Diario Libre. Jimenez made the comments when criticizing Valdez, who ordered a revision of the Playa Grande sales contract. Jimenez …

Read more…