NewsWhore
07-04-2006, 03:11 PM
The Department of Taxes announced that Norm 04-06 is now in effect that requires companies holding assets, and which do not have organized accounting, to pay taxes on their assets. The values to be taxed will be the same applied for the luxury tax (IVSS).
As reported in Hoy, the intention is to compensate the government for the elimination of the 13% transitory tax that was derogated as of 1 July. The measure will oblige holders of dormant companies, many established for the ownership of property, to pay more taxes. The DGII points out that the RD$5 million exception on the value of property that applies for individuals, does not apply to companies. Tax Reform Law 557-05 is the base for Norm 04-06.
Link To Original Article (http://www.dr1.com/index.html#7)
As reported in Hoy, the intention is to compensate the government for the elimination of the 13% transitory tax that was derogated as of 1 July. The measure will oblige holders of dormant companies, many established for the ownership of property, to pay more taxes. The DGII points out that the RD$5 million exception on the value of property that applies for individuals, does not apply to companies. Tax Reform Law 557-05 is the base for Norm 04-06.
Link To Original Article (http://www.dr1.com/index.html#7)