Dominican Government submits to reduce taxes

The government submitted to the Senate to reduce taxes:

The first is to deduct all education expenses from income taxes if the students are nonworking minors; the second to lower from 5 percent to 0.5 percent the advance payment companies pay, and the third is to renegotiate mortgage loans with other banks without additional fees.

Hacienda minister Vicente Bengoa, Internal Taxes director Juan Hernandez, and the Presidency’s Legal advisor Abel Rodriguez del Orbe handed the bills to Senate president Reinaldo Pared, who said Congress will give them priority because they benefit the population.

Bengoa said the bills were the result of the dialogues held in the recent national summit and that measures are being adopted that merit Congressional approval.

He said the proposed legislation means a sacrifice of revenues for the government, which it will assume given the international recession and the country’s economic slowdown.
The official added that the measures give companies more liquidity and less need to dismiss more workers.