NewsWhore
06-02-2009, 04:00 PM
The President signed the bill for the extension of the judicial regulations on bonds issued by the Dominican state for the operation of public credit. Law163-09 now orders that bonds issued by the state to cover the deficit of the electric sector for Fiscal Year 2008 be subject to the judicial regulations within the Law. This also means that interest earned by the bonds and the payment of the bonds are free of any central government or municipal charges and taxes.
At the same time, the law establishes that the bonds can be accepted as a guarantee or bond by the Dominican state, its autonomous organizations or municipalities, with the exception of the Central Bank of the Dominican Republic, and that they may be used by insurance companies to fund their technical reserves, and by the administrators of Pension Funds as investment instruments if authorized by the National Social Security Council on the recommendation of the Dominican Social Security System. The fiscal bonds can be used at the exchange rate established by the Central Bank as payment for taxes after the due date of the bonds themselves.
More... (http://www.dr1.com/index.html#2)
At the same time, the law establishes that the bonds can be accepted as a guarantee or bond by the Dominican state, its autonomous organizations or municipalities, with the exception of the Central Bank of the Dominican Republic, and that they may be used by insurance companies to fund their technical reserves, and by the administrators of Pension Funds as investment instruments if authorized by the National Social Security Council on the recommendation of the Dominican Social Security System. The fiscal bonds can be used at the exchange rate established by the Central Bank as payment for taxes after the due date of the bonds themselves.
More... (http://www.dr1.com/index.html#2)