Tax break for 92 companies

[NewsWhore]

The manufacturing sector began to receive the benefits of the Law on Competitiveness and Industrial Innovation as ninety-two companies were released from their obligation to pay the Value Added Tax (ITBIS) levied on 'anticipated' sales. This move allows freer use of working capital. So far, 201 requests for this tax relief have been received, and these 92 are just the start. The announcement was made by Ruben Bichara Jimenez, the director of Proindustria, a new entity that replaces the Industrial Promotion Corporation, whose offices were at the northwest corner of the intersection of 27 de Febrero and Luperon Avenue. Bichara Jimenez told El Caribe reporter Martin Polanco that these companies no longer have to pay VAT on raw materials, and that this is just one of the benefits of the new program. Much of the equipment is duty free and there is a 50% tax break on exports.

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