The tax department (DGII) announced that monthly wages of up to RD$16,455 will not be assessed income tax. This is retroactive to 1 January 2004 and reflects the official 42.5% inflation rate announced by the Central Bank this month and the year-end figure at the official market of RD$35 to US$1. The Listin Diario points out that, for instance, someone who was making RD$20,000 a month will have savings of RD$1,032 because income taxes were previously RD$1,5674.46 and are now reduced to RD$531.63. In summary, wages of up to RD$176,470 a year will be tax-free. Those earning from RD$197,470.01 to RD$329,118 will pay 15% income tax and those with annual earnings between RD$329,118.01 and RD$493,676 will pay RD$19,747, plus a 20% charge on RD$329,118.01. Those making more than RD$493,676.01 will pay RD$52,550 plus a 25% charge on the surplus above that amount. For more information, see http:\/\/www.dgii.gov.do<\/p>\n","protected":false},"excerpt":{"rendered":"
The tax department (DGII) announced that monthly wages of up to RD$16,455 will not be assessed income tax. This is retroactive to 1 January 2004 and reflects the official 42.5% inflation rate announced by the Central Bank this month and the year-end figure at the official market of RD$35 to US$1. The Listin Diario points … <\/p>\n