NewsWhore
06-02-2011, 04:10 PM
On Tuesday, President Leonel Fernandez sent a bill to the Senate calling for more revenues to comply with revenues levels required by for the approval of the fifth and sixth review of the International Monetary Fund (IMF). Fernandez argued that the proposal would increase the taxation burden to 15% by 2013, up 2%. He said that in case there was a surplus, this would be assigned to the Ministry of Education.
The proposals are as follows:
Unified tax of 10% on gambling at sports betting parlors, slot machines and casinos. At the same time it establishes a fixed charge of RD$300,000 for the opening of new sports betting shops.
Establishes 10% selective taxation on cable TV services.
Establishes a 1% tax on assets of financial entities.
Eliminates over a period of three years the tax of RD$1.5 per thousand on checks and debit transactions. The tax will be reduced to 0.10% in the first year, 0.05% in the second and 0% in the third year of application. Meanwhile the government would levy a tax of 1% on all the assets of the financial entities, including bank loans.
Proposes to increase from 0.5% to 5% the provision retained by all government entities on the payment of goods and services made, with the exception of the telephone service.
The government also proposes to increase to RD$6 million the luxury tax exemption level on real estate. But it establishes that the 1% tax on the value will apply not to the dwelling, but to the owner of the property. This means that if an owner has two properties valued at RD$3.5 million each, the property will be valued at RD$7 million and the surplus of 1% on the RD$1 million will have to be paid.
The government proposes to reduce the tax on dividends from 25% to 10%, but the tax will no longer be deductible from income tax paid by the company, converting it into a tax on company operations.
More... (http://www.dr1.com/index.html#4)
The proposals are as follows:
Unified tax of 10% on gambling at sports betting parlors, slot machines and casinos. At the same time it establishes a fixed charge of RD$300,000 for the opening of new sports betting shops.
Establishes 10% selective taxation on cable TV services.
Establishes a 1% tax on assets of financial entities.
Eliminates over a period of three years the tax of RD$1.5 per thousand on checks and debit transactions. The tax will be reduced to 0.10% in the first year, 0.05% in the second and 0% in the third year of application. Meanwhile the government would levy a tax of 1% on all the assets of the financial entities, including bank loans.
Proposes to increase from 0.5% to 5% the provision retained by all government entities on the payment of goods and services made, with the exception of the telephone service.
The government also proposes to increase to RD$6 million the luxury tax exemption level on real estate. But it establishes that the 1% tax on the value will apply not to the dwelling, but to the owner of the property. This means that if an owner has two properties valued at RD$3.5 million each, the property will be valued at RD$7 million and the surplus of 1% on the RD$1 million will have to be paid.
The government proposes to reduce the tax on dividends from 25% to 10%, but the tax will no longer be deductible from income tax paid by the company, converting it into a tax on company operations.
More... (http://www.dr1.com/index.html#4)