NewsWhore
07-18-2008, 05:10 PM
The Dominican government is flush with cash, with taxpayers serving more than was budgeted for the year. Clave newspaper reports that for the first half of the year, the government tax collections were 105.3% more than budgeted, for RD$6.77 billion windfall. "This makes it clear that the fiscal deficit is not due to a lack of revenues, but rather to the excesses of government spending," reports Edwin Ruiz of Clave. During a press conference with economic editors last week President Leonel Fernandez acknowledged that the fiscal deficit for 2008 will be more than the 0.7% of GDP projected for the year, but there is no information on the exact amount. There is speculation that it could total RD$32.7 billion at the end of the year, as estimated by economist Hector Salcedo Llibre, or 2.3% of GDP.
Economy Minister Temistocles Montas says that the present economic crisis could be worse than the 2003 Baninter crisis. He said that there is a deficit in the current account of the balance of payments that could reach 8-9% by the end of 2008 due to rising imports.
Meanwhile, the government's plan is not to increase taxes for now, but to continue implementing its very efficient tax schemes and attracting new taxpayers. Juan Hernandez of the DGII forecasts that with new systems in place, tax evasion, which is at a historic low of 26%, could be lowered to 18%.
When asked about the transparency and good use of government collections, Juan Hernandez nevertheless told journalist Huchi Lora that "that is another scenario."
More... (http://www.dr1.com/index.html#3)
Economy Minister Temistocles Montas says that the present economic crisis could be worse than the 2003 Baninter crisis. He said that there is a deficit in the current account of the balance of payments that could reach 8-9% by the end of 2008 due to rising imports.
Meanwhile, the government's plan is not to increase taxes for now, but to continue implementing its very efficient tax schemes and attracting new taxpayers. Juan Hernandez of the DGII forecasts that with new systems in place, tax evasion, which is at a historic low of 26%, could be lowered to 18%.
When asked about the transparency and good use of government collections, Juan Hernandez nevertheless told journalist Huchi Lora that "that is another scenario."
More... (http://www.dr1.com/index.html#3)