DGII gives tax break

[NewsWhore]

The Director of the Department of Taxes (DGII) announced General Rule 05-09 yesterday, establishing that businesses will have a four-month grace period to effect increases in their authorized capital to comply with the new Corporation Law 479-08. The same tax exemption treatment will be given to individuals or companies that adapt the new business structures and require an increase in their capital. Likewise, the new DGII regulation provides deductions on taxes that would have applied for the transfer of shares and patrimony by contributions in goods in the process of transformation from a current "Anonymous Society" (S.A.), the most commonly used corporate status. The rule exempts companies from paying taxes on the increases in capital gains during this period. Neither will there be a 10% deductible on the transfer of goods subject to the registration in Decree 139-98 that addresses Regulations for the application of Title II of the Tax Code.
See www.dgii.gov.do/noticias/Paginas/... (http://www.dgii.gov.do/noticias/Paginas/ImpuestosInternosanunciafacilidadesparaapoyarelprocesodeadecuacionytransformaciondeSociedadesComerciales.aspx)

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