NewsWhore
08-30-2010, 06:30 PM
According to medium scale industrial leaders, government officials, in their fiscal eagerness, have made a mistake in calculations of the cash flow that they would get through the payment of the prepayment of ITBIS (VAT) on imported raw materials and machinery in Customs. The Association of the Industrial Businesses in Haina (AEIH) and the Federation of Industrial Associations (FAI) say that the people who drew up the project mixed up the ITBIS tax delivered by ProIndustria with the exonerated tax from the Tariff Act, creating the expectation of obtaining a cash flow of RD$5 billion.
The presidents of the business associations, Wadi Cano Acra and Ignacio Mendez said that this incorrect estimate "led the fiscal wing of the administration to create a revenue mirage and the Ministry of Hacienda to undertake actions against the Law of Industrial Innovation and Competitiveness." According to Listin Diario the two men said that pressures from the IMF, in the midst of a difficult situation affecting public finances, the sponsors of the plan did not see that they were dealing with the wrong statistical data, since the real cash flow that might be obtained is barely RD$2 billion a year.
In net terms they were dealing with a prepayment of ITBIS in Customs of less than RD$200 million, that in just one month would not enter the Internal Tax Department, but with no effect after the first 30 days. They said that they were sorry that the IMF pressure led the officials to make such a mistake and to violate the ProIndustria law.
More... (http://www.dr1.com/index.html#1)
The presidents of the business associations, Wadi Cano Acra and Ignacio Mendez said that this incorrect estimate "led the fiscal wing of the administration to create a revenue mirage and the Ministry of Hacienda to undertake actions against the Law of Industrial Innovation and Competitiveness." According to Listin Diario the two men said that pressures from the IMF, in the midst of a difficult situation affecting public finances, the sponsors of the plan did not see that they were dealing with the wrong statistical data, since the real cash flow that might be obtained is barely RD$2 billion a year.
In net terms they were dealing with a prepayment of ITBIS in Customs of less than RD$200 million, that in just one month would not enter the Internal Tax Department, but with no effect after the first 30 days. They said that they were sorry that the IMF pressure led the officials to make such a mistake and to violate the ProIndustria law.
More... (http://www.dr1.com/index.html#1)